Four Egyptian banks seek digital banking licence – sub governor

Four Egyptian banks are applying for digital banking licence, said central bank sub governor Ayman Hussein said on Sunday, without disclosing their names.

The central bank is currently setting the rules and regulations on the establishment of digital banks, Hussein said.

He made his remarks during the First Arab Digital Economy Conference in Abu Dhabi, held under the patronage of Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Commander of the Armed Forces.

Digital banking is the digitisation or moving online of all the traditional banking activities and programmes that historically were only available to customers when physically inside of a bank branch, he added.

The central bank also plans to officially launch the national payment card which will allow cash withdrawals in electronic markets by the end of the current month, Hussein said.