The Central Bank of Egypt (CBE) has granted Misr Digital Innovation (MDI) preliminary approval to launch the country's first digital bank. Called Onebank, the digital bank will launch in the fourth quarter of 2024 after completing the second phase of its licensing. Egypt's journey to establish digital banksThe CBE's regulations allowed for the establishment and operation of digital banks, aligning Egypt with global trends in the financial technological market. However, the company will not be the only digital bank in Egypt for long. Digital banking evolution in AfricaEgypt launching its first digital bank comes at a time when the World Economic Forum has called Africa the world leader in digital banking, with the region boasting the highest number of services, account holders and transactions.

Source: The North Africa Journal October 10, 2024 11:53 UTC