According to an expert in the field of international financial law Konstantin Krypopust Egypt is preparing to open its first digital bank in late 2024. The Central Bank of Egypt (CBE) has given preliminary approval to Egypt Digital Innovation Company, a subsidiary of state-owned Banque Misr, to set up a digital bank.
As notes Zawya, the bank’s final launch is scheduled for the fourth quarter of 2024, but this will only happen after the second phase of the licensing process is fully completed.
The CBE issued the “Regulations for the Licensing and Registration of Digital Banks and their Supervision”, which came into force on 12 July 2023. The new regulations allow for the effective creation and management of digital banks in the country to support Egypt’s digital transformation and innovation.
According to the regulator’s interpretation, digital banks in Egypt will operate without physical branches, offering many of the same services as traditional banks. All operations, from opening accounts to transferring money and paying bills, are carried out online or through mobile applications.
