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Misr Digital Innovation Announces CBE’s Preliminary Approval to Launch ‘Onebank’

Misr Digital Innovation Announces CBE’s Preliminary Approval to Launch ‘Onebank’

– Misr Digital Innovation receives preliminary approval from the Central Bank of Egypt (CBE) to launch “onebank,” Egypt’s first digital bank.

– Onebank, a subsidiary of Banque Misr, aims to promote financial inclusion by offering tailored banking solutions through digital channels.

– Scheduled for launch in the last quarter of 2024, onebank undergoes stringent due diligence and regulatory processes in compliance with CBE directives for digital bank licensing.

Misr Digital Innovation announces preliminary approval from the Central Bank of Egypt (CBE) to launch “onebank,” the country’s inaugural digital bank. 

The approval marks a milestone for onebank, as it becomes Egypt’s first digital bank to secure preliminary clearance from the CBE, signifying the successful completion of initial infrastructure, banking system, and cybersecurity protocol evaluations to ensure stable and secure customer service.

A subsidiary of Banque Misr, Misr Digital Innovation was established in 2020 with the objective of creating Egypt’s premier digital bank in compliance with CBE directives.

Onebank aims to foster financial inclusion by delivering seamless banking services and products through digital channels, catering to diverse customer needs and enhancing the development of Egypt’s financial sector.

With digital banking rapidly gaining traction in Egypt, Onebank’s online-only services are poised to meet the evolving demands of consumers while aligning with national agendas for financial inclusion and digital transformation.

Scheduled for launch in the last quarter of 2024, onebank is currently undergoing the second phase of due diligence and awaits the acquisition of its operational license.

The CBE’s regulations for digital bank licensing, issued in July, stipulate minimum capital requirements and mandate principal shareholders with prior experience in similar ventures, ensuring robust governance and financial stability.

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