Misr Digital Innovation, the investment arm of Banque Misr, has received approval from the Central Bank of Egypt to launch One Bank, the country’s first native digital bank.
This marks a significant milestone in Egypt’s banking sector, as it embraces the latest technological advancements in artificial intelligence, encryption, and big data analytics to enhance banking services for customers.
One Bank, a subsidiary of the state-owned Banque Misr, aims to offer fully digitalized banking services, providing customers with the convenience of 24/7 online access to their accounts.
This digital-only approach is expected to reduce banking fees, as it eliminates the need for physical branches and associated infrastructure costs.
The legal framework for the licensing and establishment of digital banks in Egypt is outlined in Law No. 192 of 2020.
According to this law, digital banks must have a minimum paid-up capital of EGP 2 billion. Additionally, the largest shareholder in any digital bank must be a financial institution holding at least 30% of the capital, ensuring substantial backing and stability.
The introduction of One Bank is seen as a response to the growing demand for digital banking solutions, driven by rapid technological innovation and changing consumer preferences.
Digital banks leverage cutting-edge technologies such as artificial intelligence, encryption, and big data analytics to provide secure, efficient, and user-friendly banking experiences.
The Central Bank of Egypt’s approval signifies a broader push towards digital transformation within the country’s financial sector, according to the announcement.
By facilitating the launch of digital banks like One Bank, Egypt aims to enhance financial inclusion, improve customer experience, and streamline banking operations.
Banque Misr, one of Egypt’s largest and oldest banks, is positioning itself at the forefront of this digital revolution. The launch of One Bank is expected to attract tech-savvy customers looking for more convenient and cost-effective banking solutions.
The establishment of One Bank also aligns with Egypt’s broader economic goals, including the promotion of financial technology (fintech) and innovation.