MDI invests EGP 2.5B in Egypt’s 1st digital bank

Updated 5/12/2024 7:53:00 AM
MDI invests EGP 2.5B in Egypt’s 1st digital bank

Arab Finance: Misr Digital Innovation (MDI), an affiliated company with Banque Misr, has invested EGP 2.5 billion so far in  Onebank, the first digital bank in Egypt, MDI’s CEO Sherif Elbehery told Asharq Business.

Elbehery revealed that 95% of the EGP 2.5 billion investment was spent on the imported technology applied in the bank.

Onebank will start operation before the end of the current year, Elbehery highlighted, noting that it has a paid-up capital of EGP 4 billion that is set to reach EGP 5.5 billion by mid-2025.

He added that the new bank’s launch plan had begun five years ago, with the actual implementation starting in 2021.

Moreover, he mentioned that the bank targets attracting 700,000 customers in the first year of operation, with the number to increase to over a million within the first two years, mostly youth.

After four years in business, the bank will start targeting micro and small-sized firms as well as major companies, Elbehery pointed out.

He went on to say that with the digital bank, customers can open or close their bank accounts in just 4 minutes, while it takes only a day or less to obtain a loan worth less than EGP 100,000.

On May 2nd, the Central of Egypt (CBE) gave its preliminary approval to MDI to launch Onebank.

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