BANKING-

Banque Misr’s Misr Digital Innovation (MDI) has so far invested EGP 2.5 bn in Onebank, which is set to be the country’s first digital bank, MDI’s CEO Sherif Elbehery told Asharq Business. MDI wants to beef up Onebank’s paid-up capital to EGP 5.5 bn by mid-2025, up from the current EGP 4 bn.

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Remember: MDI received preliminary approval last week from the Central Bank of Egypt to launch Onebank, which it plans to do in 4Q 2024 after finalizing the second phase of due diligence and acquiring the operating license.

SPEAKING OF DIGITAL BANKS- OPay one step closer to digital bank license? China-backed fintech company OPay plans to apply for a digital bank license before the end of the month, Al Borsa reports, citing sources familiar with the matter. The company announced its intention to apply for the license back in August of last year, shortly after the CBE published new licensing rules for digital banks. The digital bank will offer lending, saving, and card services alongside accepting digital, point of sale (POS), and e-wallet payments.

Remember: Local firms Basata Financial Holding, Ostoul Securities Brokerage, and PaySky have also announced their plans to apply for a digital bank license.

COMPETITION-

ECA files criminal cases against major poultry brokers over alleged price-fixing: The Egyptian Competition Authority (ECA) has initiated criminal proceedings against seven major brokers in the local poultry market, accusing them of collaborating to inflate and fix the price of poultry sold from farms to wholesalers, the authority said in a statement.

DEBT-

Snackmaker Edita Food Industries has secured an EGP 990 mn loan with an eight-year tenor, it said in an EGX disclosure (pdf) without disclosing the lenders. The loan will be used to finance capacity expansion and the acquisition of new production lines.

MANUFACTURING-

Elsewedy Electric eyes raising its capex to EGP 5 bn, as the company looks to complete current investments in its pipeline and increase its production capacity across its factories — including its factories in Saudi Arabia — the company said in an EGXdisclosure(pdf).

INVESTMENT-

United Pharma to spend EGP 150-200 mn on expansion: RX Healthcare’s United Pharma plans to invest some EGP 150-200 mn this year to set up a research center, launch new products, and upgrade existing production lines, Al Borsa reports, citing unnamed sources.

FINTECH-

Contact, Damen to collaborate: Contact Financial subsidiary Contact Pay has inked a strategic partnership with e-payments firm Damen to work together to build a “comprehensive digital payment ecosystem,” the two companies said in a joint statement (pdf). Damen will help Contact reach a wider customer base by expanding its geographical presence through its over 100k points of sale.

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