Misr Digital Innovation (MDI), part of Egyptian state lender Banque Misr, has formally applied to the Central Bank of Egypt (CBE) for a digital banking licence in the country.
The move followed the central bank’s recent announcement of the new regulations for licensing and supervising digital banks, aligning with global trends in financial technology and catering to the needs of Egyptian customers. The new regulations are part of Egyptian government’s efforts to support innovation and foster the growth of the digital economy.
The licensing of digital banks in Egypt is a crucial step towards advancing financial inclusion and driving the country towards a cashless economy.
MDI said in a statement that it had submitted to the CBE an inclusive file, consisting of a comprehensive feasibility study on the target segment of clients, the banking products it seeks to offer via its digital bank, its IT plans along with its cybersecurity strategies.
It further stressed that the protection of digital banking consumer data is of paramount importance given Egypt’s open legislations and astonishing infrastructure that copes with the ongoing development in the data protection field.
Formed in 2020 by one of the largest state banks, MDI was created with the aim of forming the first digital native bank in Egypt.
