Egypt’s Banque Misr plans to launch its first digital bank early 2023 – chairman

Banque Misr, Egypt’s second biggest state lender, plans to launch its first digital bank in the homeland by early next year, its chairman announced on Monday.

“After getting the approvals from the Central Bank of Egypt (CBE), Banque Misr is set to launch its first digital bank in 2023 for its importance in serving investment in Egypt.” Mohamed El-Etreby said at the Egyptian Kuwaiti Business forum meeting.

Like many other lenders in the Middle East region, the Egyptian bank is pivoting to digital banking to allure 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 the French digital transformation firm, Atos, which will provide the Egyptian bank with technology expertise to support its transformational journey to become the country’s first digital bank.