Misr Digital Innovation (MDI) has received official approval from the Central Bank of Egypt (CBE) to transform into OneBank, the country’s first fully digital bank, offering all services exclusively through digital platforms, according to the State Information Service.
The move marks a milestone in Egypt’s banking sector, positioning OneBank at the forefront of digital transformation and financial inclusion efforts, in line with national strategies for a digital economy.
Founded in 2020 with full backing from Banque Misr, MDI was created to pioneer fintech innovation in Egypt. The transition to OneBank reflects a clear vision to deliver secure, accessible and tech-driven financial services without the need for physical branches.
Set to launch in 2026, OneBank will target underbanked and unbanked populations using cutting-edge technologies, aiming to cement Egypt’s role as a regional leader in digital banking.
Sherif El Behery told CNBC Arabia that the bank aims to attract 800,000 customers in its first year. It is targeting deposits of EGP40 billion ($822 million) over that period. El Behery added that Onebank’s initial focus would be on retail banking and the business would start targeting corporate clients after 18 months.
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