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Misr Digital Innovation (MDI) has received approval from the Central Bank of Egypt (CBE) to transition into onebank, the country’s first fully digital bank, set to launch in 2026. This initiative aims to deliver a wide range of financial services exclusively through digital channels, eliminating the need for physical branches. Established in 2020 with support from Banque Misr, MDI is focused on fostering Egypt’s shift toward a technology-driven economy.
The creation of onebank marks a significant step in advancing Egypt’s digital transformation agenda and enhancing access to financial services. By providing secure and user-friendly digital services, onebank aims to reach underserved segments of the population who are currently excluded from the banking system. This aligns with national efforts to promote financial inclusion and modernize how Egyptians interact with financial services.
By Ropafadzo Mashawi
Sherif El-Behiry, CEO and Managing Director, envisions onebank as a model for adapting banking in Egypt to meet evolving consumer needs through technology. He emphasizes the importance of having a leadership team equipped with the expertise to create innovative solutions addressing everyday financial challenges.
To strengthen its mission, Khaled El Attar has been appointed Chairperson of onebank, supported by a diverse board of directors with expertise in technology, law, investment, public policy, and innovation. This wide-ranging expertise is intended to help the bank realize its vision of accessible and seamless banking for all Egyptians.
Regionally, onebank’s approval positions Egypt alongside other African nations like Nigeria, Kenya, and South Africa, which are exploring fully digital banking models. The successful implementation of onebank could significantly reshape North Africa’s financial technology landscape.
For onebank to succeed, it will need to build trust, ensure cybersecurity, and develop robust digital infrastructure capable of supporting nationwide adoption. If executed effectively, it has the potential to set a benchmark for other African markets considering similar digital banking initiatives.
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