Egypt is preparing to make history in its financial sector as the Central Bank of Egypt (CBE) has given the green light for Banque Misr’s Misr Digital Innovation (MDI) to transform into Onebank, the country’s first fully digital-native bank. According to MDI’s official statement, Onebank is expected to begin operations in 2026 after securing the final approval from the CBE.
This development is seen as a bold step towards building a stronger digital economy in Egypt, as it aligns with the government’s wider strategy of embracing financial technology, supporting digital transformation, and expanding financial inclusion across the country.
The idea of establishing Onebank has been in the works for some time. In May 2024, the CBE gave MDI preliminary approval to set up the digital bank. At that stage, the plan was to launch by the fourth quarter of 2024 after completing due diligence and receiving a license to operate. However, the timeline was later shifted to allow more investment and regulatory processes before going fully live.
As of May 2024, MDI had already invested about EGP 2.5 billion into the project. There was also a plan to raise the capital base to EGP 5.5 billion by the middle of 2025 in order to strengthen the financial capacity of the new bank. This strong capital backing is intended to ensure Onebank starts operations with a solid foundation, able to meet the demands of the digital banking space and compete effectively with traditional institutions.
Onebank will be different from other banks in Egypt because it will operate fully online without relying on physical branches. Customers will be able to open accounts, carry out transfers, access loans, save, and invest through their mobile phones or computers. The plan is to make banking faster, easier, and cheaper, particularly for young people, startups, and individuals in remote areas who may not always have easy access to traditional banking halls.
The CBE’s approval is not only about supporting Banque Misr and MDI but also about positioning Egypt as a key player in the global fintech landscape. By creating a digital-native bank, the country is sending a signal to investors, innovators, and global markets that it is ready to embrace modern solutions for financial services.
Analysts believe that Onebank will play an important role in financial inclusion. In Egypt, like in many African countries including Nigeria, millions of people are still outside the formal banking system. Digital banks are often seen as the answer to this gap, since they reduce the need for paperwork, cut down on bureaucracy, and allow people to access financial services with just a smartphone.
The Egyptian authorities are also looking at the bigger picture. A strong digital banking sector could encourage more foreign investments, promote digital payments, reduce dependency on cash, and improve transparency in financial transactions. This would also strengthen the economy and provide opportunities for small businesses to grow.
Industry watchers say Onebank could also inspire other African countries to deepen their efforts towards digital transformation in the financial sector. Nigeria, Kenya, and South Africa have made progress in digital banking and fintech services, and Egypt is now positioning itself to be a leader in North Africa and the wider region.
According to MDI, this project is not just a banking initiative but a contribution to building a modern digital economy. The statement described the launch as a “pivotal moment” that will put Egypt on the global map as a pioneer in digital finance.
With digital banking becoming more common worldwide, the success of Onebank will likely determine how quickly other banks in Egypt and the region adopt similar models. If the project succeeds, it could push other traditional banks to invest more in digital platforms to avoid being left behind.
For now, all eyes are on 2026 when Onebank officially goes live. Stakeholders, investors, and citizens will be watching to see if this first fully digital bank in Egypt will deliver on its promise of convenience, efficiency, and innovation. What is clear, however, is that Egypt has taken a significant step in reshaping its financial future.
