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    HomeUpdatesEgypt’s Delayed Digital Bank Taps Ex-Minister to Finally Get It Off the Ground

    Egypt’s Delayed Digital Bank Taps Ex-Minister to Finally Get It Off the Ground

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    Egypt’s first licensed digital bank has officially been named One Bank, two years after its parent company, Misr Digital Innovation (MDI), was established. Despite securing the final approval from the Central Bank of Egypt (CBE) and appointing a high-profile board, the bank’s public launch has been pushed back to 2026, a significant delay from its initial target of late 2024.

    The move marks a critical, albeit slow, step in Egypt’s ambition to modernize its financial sector. One Bank, fully owned by the state-backed banking giant Banque Misr, aims to offer services exclusively through digital channels, targeting a large and young population that remains underserved by traditional banks.

    The delay, however, highlights the challenges of building a fully regulated digital bank from the ground up, even with powerful institutional support.

    A New Name and a New Timeline

    Established in 2020, MDI was created to build and launch Egypt’s first digital-native bank. After a lengthy process of due diligence on its infrastructure, security, and systems, the CBE has now given the final green light for the entity to operate as “One Bank S.A.E.”

    While the regulatory approval is a milestone, the revised 2026 launch date raises questions about the complexities of the undertaking. Initially, the bank was projected to go live in the last quarter of 2024. The two-year shift suggests that navigating the CBE’s stringent requirements, developing the tech stack, and preparing for market entry is proving more time-consuming than anticipated.

    Sherif El Beheiry, CEO and Managing Director of One Bank, acknowledged the ambition of the project. “We are not just introducing a new digital bank, but redefining the future of banking in Egypt,” he said, emphasizing that the new board brings the strategic vision needed to “deliver innovative financial solutions.”

    A Board Built for the Long Game

    To steer the venture, One Bank has assembled a board of directors blending public sector experience with private sector and technology expertise.

    • The Chairman, Khaled El Attar, is a prominent figure in Egypt’s tech scene. He previously served as the Deputy Minister of Communications and Information Technology for Digital Transformation and has managed over 150 technology projects across the globe with firms like IBM. His appointment signals a deep connection to the government’s national digital transformation strategy.
    • CEO Sherif El Beheiry is a veteran international banker with over 25 years of experience at Citibank, Barclays, and Banque Misr across the Middle East, Africa, and Asia.
    • The board also includes legal, investment, and academic heavyweights like Anwar Zidan, a top capital markets lawyer; Amal Annan, CIO of the American University in Cairo (AUC) Endowment Fund; and Dr. Ayman Ismail, founder of the AUC Venture Lab and a former consultant for McKinsey and the World Bank.

    This formidable lineup appears designed to navigate both the regulatory hurdles and the competitive landscape, ensuring the bank has the credibility and strategic oversight required for its long-awaited launch.

    The Regulatory Maze and Market Opportunity

    The path for digital banks in Egypt was formally paved by the Central Bank’s new licensing rules. These regulations set a high bar for entry, demanding a minimum issued and paid-up capital of EGP 2 billion (approx. $64 million), rising to EGP 4 billion if the bank intends to finance large corporations.

    Furthermore, the rules mandate that the majority shareholder must be a financial institution, with at least a 30% stake — a condition easily met by Banque Misr’s sole ownership of One Bank. This high barrier to entry explains why the first licensee is an incumbent-backed venture rather than an independent startup.

    The broader regulatory push includes the Financial Technology (Fintech) Law of 2022 and subsequent decrees from the Financial Regulatory Authority (FRA) in 2023, all aimed at accelerating the digitization of Egypt’s non-banking financial services.

    The market opportunity is immense. With a large, tech-savvy youth population and significant portions of the country unbanked or underbanked, digital-first financial services are seen as a key driver for financial inclusion. One Bank’s mission is to “provide smarter, more comprehensive, and seamless banking services, ensuring their accessibility to every Egyptian citizen,” according to Chairman Khaled El Attar.

    What’s Next?

    With the license secured and leadership in place, the focus for One Bank now shifts entirely to execution. The next 18–24 months will be crucial for finalizing its technology platform, developing its product suite, and building a brand that can attract millions of Egyptians.

    While it holds the first official digital banking license, the market isn’t empty. A vibrant fintech ecosystem of payment platforms and digital wallets like Telda and Nexta are already competing for a similar customer base.

    The Egyptian market will be watching closely to see if One Bank can leverage its unique regulatory status and powerful backing to finally move off the drawing board and into the phones of millions of Egyptians by its 2026 target.

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