onebank has received initial approval from the Central Bank of Egypt (CBE) to launch as the nation’s first fully digital bank. The landmark decision paves the way for a new era of banking in Egypt, aimed at promoting financial inclusion and accelerating the country’s digital transformation.
Key Highlights
The launch of onebank represents a major milestone for Egypt’s financial sector:
- First in Egypt: The first company to receive a license from the CBE to operate as a fully digital bank.
- Target Audience: Services will be aimed at individuals, with a strong focus on Egypt’s large youth population, as well as small and medium-sized enterprises (SMEs).
- Powerful Backing: The venture is supported by a consortium of Egyptian investors, led by CI Capital Holding and with participation from Egypt Post.
- Strategic Alignment: The launch directly supports Egypt’s Vision 2030 and the CBE’s Financial Inclusion Strategy.
A New Era for Egyptian Banking
As a fully digital bank, onebank will offer a comprehensive suite of financial services entirely through its mobile application, eliminating the need for physical branches. This model is designed to provide a seamless, user-friendly experience, offering services such as digital savings, investment products, and accessible lending services to a wide range of customers.
Targeting Financial Inclusion and a Tech-Savvy Population
The approval comes at a crucial time for Egypt, which has a large, young, and tech-savvy population with high mobile phone penetration. onebank aims to tap into the significant unbanked and underbanked segments of society, providing them with accessible financial tools that cater to their digital lifestyles. This focus on financial inclusion is a core part of the bank’s mission.
Aligning with National Digital Transformation Goals
The licensing of onebank is a clear signal of the CBE’s commitment to modernizing the country’s financial landscape. By embracing digital-first banking solutions, Egypt is taking a significant step towards achieving the goals outlined in its Vision 2030, fostering a more inclusive and efficient digital economy for all its citizens.
Source: WAYA
