Orascom Financial may join race for Egypt digital banking licence

Orascom Financial Holding (OFH) said on Monday it is exploring the possibility of applying for a digital banking licence in Egypt following the recent regulations by the Central Bank of Egypt (CBE).

In a bourse filling, Orascom said it had started conducting preliminary study into the possible launch of a digital bank in the North African country.

“No decision has been taken on the business partners or funding sources,” Orascom further added.  “Any new information will be disclosed duly,”

The main shareholder in OFH is OTMT Acquisition company, which was founded in Luxembourg by the Sawiris family.

The CBE’s new rules on digital banking will allow customers to have banking services exclusively through digital channels and platforms.

Last week, Egyptian digital payments company Fawry said it is potentially applying for a digital banking licence supported by the central bank’s recent regulations.

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