National Bank of Egypt mulls launching digital bank

National Bank of Egypt (NBE), the country’s largest state lender, is seeking to launch a digital bank besides six electronic branches, deputy chairman said on Sunday.

The banking community in Egypt has greater passion than ever to embrace digital transformation and cope with the accelerating new innovations worldwide, Yehia Aboul Fotouh said during a conference in Cairo.

Banks in Egypt are facing rising competition from telecommunications firms when it comes to provide digital services, taking advantage of new technologies to streamline their operations and give their users a better experience, Aboul Fotouh added.

That’s why the banks plan to expand their focus on digital services such as blockchain, he said.