According to its chairman, Mohamed El-Etreby, Banque Misr, the second-largest state lender in Egypt, plans to launch its first digital bank in the country in the first quarter of 2024.
Misr Digital Innovation (MDI), a division of Banque Misr, declared last month that it has submitted a formal application to the Central Bank of Egypt (CBE) for a license to conduct digital banking throughout the nation.
Aspiring to meet the expectations of Egyptian clients and keep up with global financial technology trends, the central bank recently unveiled new rules for approving and monitoring digital banks. The new rules are a component of the Egyptian government’s initiatives to encourage innovation and the expansion of the digital economy.
The licensing of digital banks in Egypt serves as a crucial step in promoting financial inclusion and moving Egypt closer to a cashless society is the licensing of digital banks.
