After a protracted regulatory process, Egypt’s banking sector is finally getting its first digital-native player. onebank, an independent entity affiliated with Egypt’s second-largest state-owned lender, Banque Misr, has secured its final operating license from the CBE.
The approval marks the end of a rigorous multi-stage due diligence process that began with an initial nod in May 2024. Operating under Misr Digital Innovation Company (established in 2020), onebank will provide branchless, app-based financial services targeting both retail customers and small-to-medium enterprises (SMEs).
Building a digital bank in a strictly regulated market requires deep pockets, and Banque Misr has heavily capitalized the venture. Total investment in onebank currently sits at approximately EGP 5.5bn ($114m).
Sherif El-Beheiry, CEO and Managing Director of onebank, noted that the bank’s current paid-up capital is EGP 5bn. This figure sits comfortably above the CBE’s strict EGP 4bn minimum required for a license to serve both individuals and SMEs (a restricted license for individual retail banking requires only EGP 2bn).
According to El-Beheiry, the bank retains the option to increase its capital to fund future growth. Around EGP 2.5bn has already been deployed, largely sunk into building out the bank’s core technical infrastructure, backend systems, and cybersecurity frameworks.
The regulatory hurdle
The licensing of onebank falls under the Central Bank and Banking System Law №194 of 2020, which established the legal framework for digital banking in Egypt. The central bank’s regulations mandate that a digital bank’s majority shareholder must be an established financial institution holding at least a 30% stake — a requirement Banque Misr easily satisfies.
The final approval follows a strict technical inspection by the CBE. Regulators audited onebank’s infrastructure and data security protocols to ensure the platform could handle commercial transaction volumes without the safety net of physical branches.
Market interest and what’s next
Egypt is a highly attractive market for digital banking. It boasts a large population and a high rate of mobile and internet penetration, yet a significant proportion of consumers remain unbanked or reliant on cash.
onebank is positioning itself to capture this demographic by stripping away traditional banking friction. The platform will bypass brick-and-mortar operations entirely, offering financial products designed around consumer data and localized needs.
The venture is already attracting external attention. Global and regional payment heavyweights, including Visa and OPay, have signaled interest in acquiring minority stakes in the digital bank. Their involvement could provide onebank with advanced payment integrations and a wider merchant network right out of the gate.
With the final regulatory green light secured two years after its initial rollout phases began, onebank is now preparing to launch its core services to the public — testing whether Egypt’s legacy banking customers are ready to make the jump to a fully branchless model.