The Central Bank of Egypt's board of directors has granted initial approval for the launch of the first digital bank in the country, operated by Egypt Digital Innovation Company. The company announced today the name of the planned digital bank, which will be called "One Bank."
In a press statement, the company confirmed that "One Bank" is the first digital bank in Egypt to receive preliminary approval from the Central Bank of Egypt. With this decision, the initial licensing process is completed, which included a review of the bank's infrastructure, systems, and security to ensure the bank's ability to provide stable and secure banking services to customers.
Established in 2020, Egypt Digital Innovation Company is a subsidiary of Banque Misr, with Banque Misr being the largest shareholder. The company aims to create the first digital bank in Egypt in accordance with the laws and regulations issued by the Central Bank of Egypt.
"One Bank" aims to provide diverse solutions that contribute to the development of banking services in the country and offer tailored products that align with customers' lifestyles through the use of advanced technological innovations. The bank will offer digital banking services to meet the needs of all customers by identifying target segments and providing planned products through the digital bank, including information technology plans and cybersecurity strategies.
The launch of the digital bank comes amid the increasing demand for online banking services at present. "One Bank" is expected to play a significant role in meeting this demand by providing services consistent with the country's direction towards financial inclusion and digital transformation.
"One Bank" is scheduled to begin operations in the fourth quarter of 2024 after completing the second phase of the due diligence process and obtaining the operational license.
The launch of a digital bank in Egypt reflects technological advancements in the banking sector and represents an important step towards enhancing financial inclusion and improving customer experiences. It is expected that digital technology, big data analytics, and artificial intelligence will be utilized in delivering banking services to customers through "One Bank," providing accessibility, convenience, and security.
Digital banking services are increasingly common in many countries, allowing customers to conduct banking transactions and manage their accounts easily and quickly through mobile phones or the web. With the growing use of smartphones and internet penetration, digital banking becomes a convenient option for many individuals.
The launch of "One Bank" is expected to enhance competition in the banking sector in Egypt, encouraging other banks to improve their services and provide better customer experiences. This may lead to the evolution of the digital banking market in Egypt and create new opportunities for innovation and growth.
However, security and privacy issues must be carefully addressed in digital banks, as they deal with sensitive customer information online. "One Bank" must ensure the implementation of robust security measures and strict protection of customers' personal data.
It will be interesting to follow the developments of this digital bank and the services and innovations it will offer in the future, as well as how the banking industry in Egypt will evolve with the participation of traditional and digital banks.
