Egypt launches its first ever digital bank

Banque Misr through its subsidiary Misr Digital Innovation has obtained a license from the Central Bank of Egypt to launch the first digital bank in Egypt, according to informed banking sources.

The Egyptian Nile News Channel quoted the sources as saying that Bank Misr obtained the license on Thursday after completing the review of all procedures, inspection work, and the necessary infrastructure and systems for operation.

The CEO of Misr Digital Innovation, Sharif al-Behairy, explained that the existence of digital banks in Egypt has become a necessity required by the market currently.

During a 2024 CEO sessions, Year of Recovery, al-Behairy stated that building a platform for the first digital bank in Egypt was an ambition for the bank’s management, with Banque Misr being the first in Egypt to launch.

He added that technological development and providing digital services to customers benefits the Egyptian economy.

Related Articles

Back to top button