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 platforms security and stability. This development marks a significant step towards modernising Egypts financial landscape and embracing the global trend of digital banking.
