Cairo - Sharikat Mubasher: The Central Bank of Egypt (CBE) granted Misr Digital Innovation (MDI) the preliminary approval to launch Onebank, the first digital bank in Egypt, a recent statement revealed.

MDI received the approval after completing the initial phase, including due diligence on the infrastructure, banking systems, and cybersecurity protocols.

Set to be launched in the fourth quarter (Q4) of 2024, Onebank aims to promote financial inclusion by offering banking services and products smoothly through its digital channels.

 It will offer a wide range of banking solutions and products that contribute to the development of financial services in Egypt, in addition to IT and cybersecurity strategies.

Through Onebank, all services and transactions will be online to cater to the evolving needs of the Egyptian consumer.

MDI was founded in 2020 as one of the subsidiaries of Banque Misr to establish the first digital bank in accordance with the directives and regulations of the CBE.