• Egypt approves launch of first fully digital bank, Onebank
• Aims to boost financial inclusion for unbanked population
• Operations to start in 2026, pending final inspection

The Central Bank of Egypt (CBE) has granted initial approval for the creation of the country's first fully digital bank, a move aimed at boosting financial inclusion in the densely populated nation where less than 40% of citizens have a bank account.

The new institution, to be named Onebank, will be a subsidiary of Banque Misr, one of Egypt's oldest commercial banks. This was announced on Sunday in a statement by Misr Digital Innovation, a company founded in 2020 to manage the launch of the country's first digital-native bank.

According to the statement, “Onebank represents a new chapter in the history of Egypt’s financial sector, and a pivotal step towards embedding digital transformation” in the national economy.”  It added that the new venture is expected to make banking services more accessible and convenient for a wider segment of the population, especially those in remote or underserved areas.

The digital bank is projected to begin operations in 2026, offering a full range of online banking services without the need for physical branches.

While Onebank has received preliminary approval, its final license is contingent upon a full technical inspection by the central bank. This inspection will ensure the security and stability of the digital platform through which the bank will deliver its services. According to World Bank data, more than 60% of Egyptian adults remain unbanked.

Walid Kéfi