As of September 2020, Egypt ratified a new banking law that will allow, for the first time, the launch of digital banks.
Bylaws are still being prepared and should come into effect later this year. Thereafter, the Central Bank of Egypt (CBE) will start granting digital banking licenses, for which several traditional banks have already applied, according to media reports.
Early this year, Banque Misr – Egypt’s second largest state bank – appointed French multinational IT company Atos to build its digital bank, which is set to be the first-ever in the most populous Arab nation, after the CBE gave it a tentative thumbs-up.
What’s not certain yet is if Egypt will continue on the path of change and grant banking licenses to fintech companies, as is already the case in other countries in the region such as Saudi Arabia, where digital banks can be established by telecommunication companies.
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