Egypt’s Banque Misr seen launching its first digital bank by May-end

Banque Misr, Egypt’s second biggest state lender, is expected to launch its first digital bank in the homeland by the end of this month, its chairman said on Thursday.

“We are ready to open BM’s digital bank but we have to wait for the final approval from the Central Bank of Egypt (CBE),” Banque Misr chairman Mohamed El-Etreby told Amwal Al Ghad on the sidelines of the Union of Arab Banks’ (UAB) conference taking place in Cairo.

Earlier on Wednesday, Central Bank Governor Tarek Amer said the central bank would announce the requirements to grant digital bank licences within the coming few weeks.

The capital of Banque Misr’s anticipated digital bank will reach up to 3 billion Egyptian pounds ($164.1 million), vice chairman Akef El Maghraby told Amwal Al Ghad in earlier statements last August.

Like many other lenders in the Middle East region, the Egyptian bank is pivoting to digital banking to cater to more segments of clients in line with the government’s strategy to foster financial inclusion and create a cashless economy.

In February 2021, Banque Misr announced a partnership with Atos, a French digital transformation firm, which will provide the Egyptian bank with technology expertise to support its transformational journey to become the country’s first digital bank.