Egyptian Central Bank Provides Preliminary Authorization for Country's Pioneering Digital Bank, "onebank"
Egypt's First Digital Bank, onebank, Nears Launch
The Central Bank of Egypt (CBE) has granted preliminary approval for the launch of a digital bank named onebank, marking a significant step in the digital transformation of the Egyptian banking sector. However, the final license for onebank is still pending, contingent upon the completion of a full technical inspection by the CBE.
The technical inspection is a crucial step in the licensing process, designed to ensure the security, stability, and compliance of the digital platform used by onebank. The CBE oversees and regulates the licensing process in accordance with Egypt’s digital banking framework. The technical inspection covers aspects such as digital security, operational resilience, and the bank’s capacity to serve customers through a digital-only model.
Onebank aims to offer accessible, secure, and user-friendly financial products digitally to support financial inclusion in Egypt. The digital transformation of onebank is a significant step towards modernizing Egypt's financial landscape. If successful, the launch of onebank could potentially influence the adoption of digital banks in other sectors of the Egyptian economy.
The digital bank, once operational, will provide banking services entirely online, without physical branches. This digital banking approach is expected to increase financial inclusion by making banking more accessible and convenient for a wider range of customers, including those in remote or underserved areas.
The launch of onebank aligns with Egypt’s broader strategy to advance its digital economy and increase banking access for the unbanked population. It is also part of a broader strategy to promote financial technology and innovation in the Egyptian banking sector. The digital banking trend, represented by onebank, aligns with global financial trends.
Onebank plans to start operations in 2026, pending the final licensing step. Until then, the digital bank remains a promising prospect on the horizon, eagerly anticipated by those seeking to modernize Egypt’s financial sector and increase financial inclusion.
References:
[1] Central Bank of Egypt. (n.d.). Digital Banking. Retrieved from https://www.cbe.org.eg/en/Pages/Digital-Banking.aspx
[2] Egyptian Digital Bank to Launch in 2026. (2024, March 1). Retrieved from https://www.arabianbusiness.com/banking-finance/569037-egyptian-digital-bank-to-launch-in-2026
[3] Egypt's Central Bank Grants Preliminary Approval for Digital Bank. (2024, March 1). Retrieved from https://www.reuters.com/business/egypts-central-bank-grants-preliminary-approval-digital-bank-2024-03-01/
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