Egypt’s Banque Misr preps standalone digital bank
The Egyptian bank is to launch a digital bank as Covid-19 accelerates the government’s push for a cashless society.
Banque Misr, Egypt’s second-largest commercial bank, is preparing the ground for the launch of a wholly digital bank in the third quarter of 2021 – a first for the country, vice-chairman Akef El Maghraby tells Euromoney.
“It’s an important development for us and for the market,” he says. “We hope to be the first digital bank to be launched and have already applied for a licence.”
If you do not disrupt yourself, you will be disrupted for sure
It also marks an important development for the vast commercial lender as it looks to maintain market share.
“If you do not disrupt yourself, you will be disrupted for sure,” says El Maghraby.
“The more innovative you are and the more you focus on your customer, then you can flourish, but if you are slow and reactive, then others will spot opportunities and can take more market share from you.”
Misr’s digital bank will operate as a separate organization with lower costs per transaction and will focus on financial inclusion as well as catering for the youth of Egypt.