Banque Misr has announced that it will be launching Egypt’s first digital bank in quarter one of 2022 in a statement by the bank’s Vice Chairman Akef El Maghraby to Masrawy.
The Central Bank of Egypt is still working on a regulatory framework governing digital banks. We were originally expecting an announcement in July but sources tell Masrawy that central bank officials hope to have the rules in place before the end of 2021.
As of September 2020, Egypt ratified a new banking law that will allow, for the first time, the launch of digital banks. Following the update, the National Bank of Egypt, Emirates NBD, QNB Al Ahli and Bank ABC have also applied to the central bank for a digital banking license.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.