MDI aims to become Egypt’s first fully digital bank
A new banking challenger, Misr Digital Innovation (MDI), is gearing up for launch in Egypt as the country’s first fully digital bank, with the aim of giving Egyptians instant access to their finances and improved customer experience.
Created in 2020 by Banque Misr, one of Egypt’s leading banks, the new digital bank aims to provide banking solutions, access to the digital economy and drive financial inclusion within the Egyptian community.
Banque Misr selected Atos to support its digital transformation project in March 2021.
MDI has been working towards developing its digital products, having signed a memorandum of understanding (MoU) with Dell in November last year.
The MoU will enable both companies to “explore ways in which MDI can improve its technology capabilities to improve customer experience”.
As part of Banque Misr’s efforts to support Egypt’s digital transformation goals, the MoU is aligned with the “Smart Economy” objective – part of Egypt’s Vision 2030, which aspires to build a “knowledge-based digital economy”.
In October 2021, MDI also signed a seven-year strategic partnership with Mastercard to support the digital bank with the issuance of debit, credit and prepaid cards.
Mastercard will also offer MDI assistance with marketing and product development.
Managing director and CEO Sherif Elbehery writes on the company’s website that it is aiming to “transform the banking experience to one that is more engaging and more in touch with our customers’ daily lifestyle”.