Egypt is gearing up for a major milestone in its financial sector as Onebank, the country’s first fully digital bank, prepares to go live in 2026.
CEO Sherif El Behery told CNBC Arabia that Onebank is setting ambitious targets, aiming to attract around 800,000 customers and secure deposits worth EGP 40 billion ($822 million) in its debut year.
The bank’s early focus will be on retail banking, offering individuals access to savings, credit, and payments entirely online. Corporate banking services are expected to roll out about 18 months after launch.
Onebank started life as Misr Digital Innovation (MDI), a subsidiary of Banque Misr. In 2024, it secured approval from the Central Bank of Egypt, making it the first entity licensed under Egypt’s new digital banking framework introduced in 2023.
The appetite for digital banking in Egypt is growing fast. Several major players, including National Bank of Egypt, Emirates NBD, Orascom, Fawry, Ostoul Securities, Qatar National Bank, and OPay, are also eyeing licenses.
Onebank promises a smooth, fully digital experience. Customers will be able to open an account in just four minutes through the mobile app; no need to step into a physical branch.
The platform will offer the full suite of services from deposits to credit cards and loans, giving Egyptians a bank-in-your-pocket experience.
