CBE gives preliminary nod to launching 1st digital bank in Egypt

The new bank has finalized the first phase of the licensing procedures

Staff Writer, Arab Finance

May 2, 2024

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The Central of Egypt (CBE) has given a preliminary approval to Misr Digital Innovation (MDI) company to launch the first digital bank in Egypt, under the name Onebank, Ahram Gate reported, citing a statement by MDI.

The new bank has finalized the first phase of the licensing procedures, including identification of the infrastructure, bank systems, and related security measures to ensure its ability to offer safe and stable banking services.

Onebank is expected to be launched in the fourth quarter (Q4) of 2024 after finishing the second phase of licensing procedures and obtaining the final operation license.

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