Egypt’s first digital bank to see the light soon: Banque Misr’s Misr Digital Innovation (MDI) has received approval from the Central Bank of Egypt to transform into onebank, the country’s first fully digital-native bank, according to a statement (pdf). The move is expected to accelerate our transition toward a digital economy.

The timeline: onebank is set to launch its services to the public in 2026 after receiving the final green light from the CBE, according to the statement.

REMEMBER- MDI received preliminary approval from the CBE to launch onebank in May 2024. At the time MDI had planned to launch the bank in 4Q 2024 after finalizing the second phase of due diligence and acquiring the operating license. MDI had invested EGP 2.5 bn in onebank as of May of last year and had plans to beef up the bank’s paid-up capital to EGP 5.5 bn by mid-2025.

A turning point: “This pivotal transition marks a turning point in the evolution of Egypt’s banking sector, cementing onebank’s position as a pioneer in the field and a key pillar in building the country’s digital economy,” according to the statement.

Leading our first digital bank: Sherif El Behery (LinkedIn) will stay on as CEO. El Behery is a global financial services expert with over 25 years of experience at major banks like Citibank and Barclays. The bank’s board of directors will be led by Khaled El Attar (LinkedIn), who has been tapped as non-executive chairman. El Attar brings over 35 years of experience to the role, having previously held senior roles at IBM, Raya Holding, and served as Vice Minister for Digital Transformation at the CIT Ministry.

The board, too, includes a number of distinguished leaders and experts across various fields:

  • Anwar Zeidan (LinkedIn) is on the board as a non-executive board member representing Banque Misr. He is a founding partner at Zulficar & Partners Law Firm, specializing in capital markets and banking law.
  • Amal Enan (LinkedIn) is a non-executive independent board member. She is the CIO of AUC’s Endowment and a Partner at 500 Global, with a background in finance and investment.
  • Ayman Ismail (LinkedIn) is a non-executive independent board member. He is an expert in entrepreneurship and economic development who founded AUC Venture Lab.
  • Nada Elshazly (LinkedIn) is a non-executive independent board member. She is a fintech professor and consultant in economics and financial transformation who has advised global institutions.

What they said: “We are not simply introducing a new digital bank; we are redefining the future of banking in Egypt. Our newly appointed board of directors brings a wealth of expertise and strategic vision, empowering us to deliver innovative solutions that cater to the evolving needs of Egyptian consumers. Together, we are committed to placing onebank at the forefront of the financial services sector, setting new standards for excellence and accessibility across the region,” said El Behery.

The first of many: Local firms Aman, MNT-Halan, Sahl, Basata Financial Holding, OstoulSecurities Brokerage, and PaySky have expressed interest in applying for a digital banking license. Meanwhile, China-backed fintech company OPay also announced last year that it wants to apply for the license.

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