The Central Bank of Egypt (CBE) has granted initial approval to Misr Digital Innovation (MDI), a subsidiary of Banque Misr, to launch the country’s first fully digital bank, to be known as Onebank.
The bank is set to become operational in 2026, following final technical and security inspections by the CBE. Unlike traditional banks, Onebank will not operate any physical branches. Instead, all services—including account opening, fund transfers, savings management, and loan applications—will be provided exclusively through digital channels.
This approval represents a milestone in Egypt’s financial sector reform, as the government pushes to increase financial inclusion and expand access to banking services. Although the number of Egyptians with financial accounts has risen in recent years, a considerable portion of the population—especially in rural and underserved areas—remains outside the formal banking system. The creation of a digital-only bank is intended to bridge this gap by offering more accessible, flexible, and affordable services.
To lead the initiative, a new board has been appointed. Eng. Khaled El Attar, a technology specialist with over 35 years of experience in digital transformation, has been named Chairman, while Sherif Elbehery, the founding head of MDI and an experienced figure in the financial sector, will serve as CEO. Both leaders emphasized their commitment to reshaping Egypt’s banking landscape by combining innovation with inclusivity.
The project is backed by regulatory reforms, notably Law No. 192 of 2020, which provided a legal framework for digital banks in Egypt. The CBE had already approved MDI’s roadmap for the project in 2024, paving the way for today’s green light.
The launch of Onebank aligns with Egypt’s broader Digital Transformation Strategy, aimed at modernizing financial services, supporting fintech growth, and encouraging a cashless economy. Analysts see the move as a significant step that could not only widen access to banking but also stimulate Egypt’s growing digital economy.
