November 4, 2023

Egypt Introduces the Rules Governing Digital Banking Licensing

On 12 July 2023, the Central Bank of Egypt (“CBE”) issued a circular (the “Circular”) regulating the requirements for licensing and registering Digital Banks in Egypt. The rules determined under the Circular allow entities to provide banking services through digital platforms, i.e. financial technology. The Circular comes in line with the digital transformation vision adopted by the Egyptian’s government on all levels.

According to the Circular entities which are allowed to apply for digital bank license are the following:

  • Egyptian joint stock companies.
  • A branch of a foreign bank which head-office bears a specific nationality and is subject to the supervision of a competent supervisory authority in this country.

The Circular explains, in details, the process and procedures for obtaining a license, getting CBE’s approval and the timeline for the registration process of a Digital Bank.

You can read more about the legal framework of digital banks in Egypt here.

For more information, please contact our partner Dr. Eman Riad.

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