Egypt’s state-owned Banque Misr is taking a major step in its digital transformation journey. Its fintech subsidiary, Misr Digital Innovation (MDI), has received final approval from the Central Bank of Egypt (CBE) to rebrand and operate as onebank, the country’s first fully digital-native bank.

The approval, issued on Sunday, August 17, 2025, clears the way for onebank to begin public operations in early 2026. Unlike traditional banks, onebank will operate exclusively through mobile and online channels, forgoing physical branches altogether.

For Banque Misr — founded in 1920 and one of Egypt’s oldest and most influential lenders — the launch of onebank reflects its strategy to remain competitive in an economy rapidly shifting toward digital-first services. While the bank has already rolled out tools such as internet banking and mobile wallets, onebank represents a far more ambitious leap into digital banking, designed to attract both Egypt’s tech-savvy youth and its large unbanked population.

MDI was established in 2020 to spearhead Banque Misr’s digital banking ambitions and respond to rising consumer demand for faster, more accessible financial services. Like many African countries, Egypt has seen growing adoption of digital wallets and mobile-based financial products, particularly in underserved communities. The CBE has actively encouraged this trend, promoting digital innovation as part of its financial inclusion agenda.

With its launch, onebank joins a small but expanding group of digital-only banks across Africa, following similar moves in Nigeria and South Africa. These institutions typically operate with lower overheads than traditional banks, allowing them to offer faster account opening, competitive fees, and broader reach. Analysts expect onebank to heighten competition in Egypt’s retail banking space, potentially pushing legacy banks to accelerate their own digital transformation strategies.

A new board of directors has already been appointed to lead onebank. While specific details about its digital infrastructure or product suite have yet to be disclosed, industry expectations remain high. Market observers predict offerings will likely include seamless onboarding, instant payments, savings tools, and innovative credit solutions aimed at younger customers and financially excluded groups.

Banque Misr’s creation of onebank illustrates a model increasingly explored across Africa: building digitally native banks in-house rather than relying solely on external fintech partnerships. If successful, onebank could serve as a blueprint for how long-standing institutions can leverage heritage, scale, and trust to build fully digital banks capable of competing with fintech challengers.

As Egypt prepares for onebank’s 2026 launch, the move signals a milestone for the country’s financial sector, combining a century-old banking legacy with a future-ready approach to digital finance.

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