During the Cairo ICT conference and event, Banque Misr announced that it will be launching the first digital bank in Egypt.
Check all the events that took place in Cairo ICT, From Here.
Bank Misr Vice Chairman “Akef El Maghraby” reported to local journalism that Banque Misr will launch the first digital bank in Egypt in quarter one of 2022.
Banque Misr is one of the biggest leading banks in Egypt, with 20% market share, +12 Million clients, +700 branches and +1.2 Trillion L.E of assets.
بنك مصر يستعرض خدماته الالكترونية
“اكسبريس مشروعات” و “بي ام أونلاين” ومساعده الذكي “عبقرينو” وقبول المدفوعات من خلال الهاتف المحمول بخاصية ال SoftPOS في فعاليات معرض Cairo ICT 2021https://t.co/gnCHvBFSys pic.twitter.com/VV2WavwjKv
— Banque Misr (@BanqueMisr) November 8, 2021
In September 2020, Egypt adopted a new law for banking for the first time that will allow digital banks in Egypt.
After this revolutionary renovation many banks took the chance and applied to the central bank for a digital banking license.
- Banque Misr
- Emirates NBD
- The National Bank of Egypt “ Al Ahly”
- Qatar National Bank “QNB”
- Arab Banking Corporation “ABC”
By the end of 2021…
The Central Bank of Egypt is currently working to finalize the supplementary rules and framework for governing digital banks in Egypt, and it is to be done by the end of 2021.
That will include digital banks, small and medium companies and payments.
To supervise and govern all the operations of specialized and digital banks in Egypt covering their minimum capital, deposit, receipt and many other control elements.
The Deputy Governor of the Central Bank of Egypt “Gamal Negm”, stated that:
“The Central Bank of Egypt will define the digital banks and small and medium financing companies and payments as – specialized banks- at first.”
The minimum capital for specialized and digital banks, will be determined for each bank separately.
Depending on the activity and volume of deposit receipts.
Unlike the other commercial banks in Egypt, the new law determined its capital of 5 billion pounds, 10 times the minimum level in the previous law of 500 million pounds.
Last September, President Abdel Fattah Al-Sisi ratified the first initial steps to adopt such a technology renovation in digital banking.
President Al-Sisi allowed for the establishment of the first digital bank in Egypt, and fixed the minimum capital requirement of 5 billion pounds for commercial banks.
“MDI” Misr Digital Innovation:
In 2020 Banque Misr created “MDI” Misr Digital Innovation
To be responsible for launching the first digital bank in Egypt.
The digital bank will be completely independent from Banque Misr.
It will be established as a private company and an entity independent of the bank, despite the bank’s subordination to the companies it owns.
The first digital bank in Egypt aims to create innovative & effective solutions to serve the needs of the Banque Misr customers.
And to facilitate the process of customer access to services online more easily and quickly.
The digital bank offers a new set of banking services to youth, in line with their needs, in addition to banking services for international transactions.
And The period for obtaining loans from the digital bank will be only 5 days compared to traditional banks.
Bank Misr Vision of the first Digital Bank in Egypt:
Banque Misr aims to establish and launch the first digital bank in Egypt, to introduce the Egyptian market to a wide-range of banking solutions and services.
And to be able achieve that in the first quarter of 2022.
In addition to driving the evolution of financial services in Egypt, creating personalized reality-based products.
To provide greater values for customers, shareholders and community.
Digital Banking will transform the Egyptian economy…
Digital banks in Egypt will offer exciting economic growth opportunities.
It will help Egypt to take a great step forward in the cashless economy.
- 90% of the banks in Egypt provide traditional digital banking solutions, that users can transact through a mobile device.
- But what is really different is to have a completely digital bank…..
Providing end-to-end digital banking without any physical presence or any interaction with human factors.
Beyond the convenience that digital banking provides, the main value behind it is that it can make financial services accessible to everyone.
This can change the whole economic and financial situation in Egypt, where only 32.8% of the population can access banking services, but more than 80% are considered active online.