In a landmark move for Egypt’s financial sector, Banque Misr, one of the country’s oldest and most influential state-owned banks, is accelerating its digital transformation with the launch of onebank, Egypt’s first fully digital-native bank. The initiative is spearheaded by Banque Misr’s fintech subsidiary, Misr Digital Innovation (MDI), which has received final regulatory approval from the Central Bank of Egypt to rebrand and commence operations under the new name.
With this approval, onebank is set to begin public operations by 2026, offering a full suite of banking services exclusively through digital channels, including mobile apps and online platforms. This marks a significant departure from the traditional branch-based banking model that has long dominated Egypt’s financial landscape.
For Banque Misr established in 1920 the launch of onebank represents a bold leap into the future of banking. While the institution has already embraced digital tools such as mobile wallets and online banking, onebank is designed to be a fully digital entity, built from the ground up to serve a tech-savvy generation and Egypt’s large unbanked population.
Founded in 2020, MDI was created to lead Banque Misr’s digital expansion and respond to evolving consumer expectations and the growing demand for accessible financial services. Egypt, like many African nations, has seen a surge in interest in digital banking solutions, particularly among underserved communities. The Central Bank of Egypt has actively supported such innovation as part of its broader financial inclusion strategy.
With the green light now secured, onebank joins a small but growing cohort of digital-native banks across Africa, a model gaining traction in markets such as Nigeria and South Africa. These banks typically offer lower operating costs, faster onboarding, and wider reach, bypassing the infrastructure-heavy requirements of traditional banking.
A new board of directors has been appointed to guide onebank’s strategic direction, although specific details regarding its product offerings, technology stack, or customer experience features have yet to be disclosed. Nonetheless, industry observers anticipate that onebank will introduce competitive pressure in Egypt’s retail banking sector and potentially reshape how legacy banks approach innovation and customer engagement.
By bridging its century-old legacy with a forward-looking digital strategy, Banque Misr is setting a precedent for how traditional financial institutions in Africa can evolve, not just by partnering with fintechs, but by building digital-native capabilities from within.
