Central Bank of Egypt Grants Initial Approval for Nation’s First Fully Digital Bank, “onebank”
While the initial approval has been granted, the final license is contingent upon the completion of a full technical inspection by the Central Bank to ensure the platform's security and stability.
The Central Bank of Egypt has granted its initial approval for the launch of the first fully digital bank in the country, which will operate under the name “onebank .” This move is part of a broader strategy to promote financial technology and innovation in the Egyptian banking sector.
The new digital bank will offer a comprehensive range of banking services entirely online, without the need for physical branches. This is expected to enhance financial inclusion by making banking more accessible and convenient for a wider range of customers, particularly those in remote or underserved areas.
While the initial approval has been granted, the final license is contingent upon the completion of a full technical inspection by the Central Bank to ensure the platform’s security and stability. This development marks a significant step towards modernising Egypt’s financial landscape and embracing the global trend of digital banking.
