2.5 billion pounds, the cost of launching the first digital bank in Egypt

“Misr Digital Innovation”, attached to the Government Bank of Egypt, has so far invested 2.5 billion pounds with the first digital bank in Egypt, to start “and the” bank “of his work before the end of this year, according to Sharif Al -Buhairi, CEO of Egyptian Innovation Trade, in an interview with” Al -Buhairi. brought to light. Target, and of large companies four years after the bank’s active begins. The launch of the “Digital Financial ID” business during the second half of this year, with the aim of providing the opening of bank accounts electronically and via the cellphone without going to the bank branches. “Digital ID” is any technical processing data associated with a specific person linked to official data, enabling the evaluation and ratification of transactions that take place via digital platforms. The number of banks working in Egypt is 38 banks, including 9 government banks, the largest of which is the National Bank of Egypt, Bank of Egypt and Bank of Cairo. The transformation of al -Buhairi al -Buhairi, who refused to go into any detail of the bank’s targets for the loan and deposit portfolio; ‘As a result of the confidentiality of studies and competition expected by a number of Egyptian enterprises to obtain digital bank licenses, I reveal that’ bank ‘will turn to profitability during the fourth year of operation. The Bank of Egypt is expected to recover its investments in Egypt Digital Innovation Company during the seventh year on the operation of the first digital bank in the country. Several Bunks and Financial Companies in Encapt announced that their provisions of establishing the establishment were Digital, including the National Bank of Egypt, the largest government bank, the Emirates NBD, Orascom Financial Holding, and at least for trading securities, “Ubay”, “Bay Sky”, and “Simplicity”. Access of new investors with the chief shareholder in the capital of his business, but he emphasized that the decision to enter new investors or not, at the end of the board of “Banque Misc”, the owner of the Digital Bank “One Bank”.