Egypt’s Banque Misr to open its first digital bank in Q1/2024 – chairman

Banque Misr, Egypt’s second biggest state lender, intends to inaugurate its first digital bank in the homeland within the first quarter of 2024, its chairman Mohamed El-Etreby told Asharq Bloomberg on Monday.

Last month, Banque Misr’s subsidiary Misr Digital Innovation (MDI) announced that it had formally applied to the Central Bank of Egypt (CBE) for a digital banking licence in the country.

The central bank has recently launched new regulations for licensing and supervising digital banks, aligning with global trends in financial technology and catering to the needs of Egyptian customers. The new regulations are part of the Egyptian government’s efforts to support innovation and foster the growth of the digital economy.

The licensing of digital banks in Egypt is a key step towards advancing financial inclusion and driving the country towards a cashless economy.