Qatar National Bank (QNB Group) has received licence approval from the Central Bank of Egypt for its new digital-first banking entity, ezbank. 

The group said the licence aligns with the Central Bank of Egypt’s agenda on financial inclusion and digital transformation, as the country seeks to modernise the banking sector. 

According to the company statement, ezbank will provide services through mobile-led platforms and AI-enabled tools, underpinned by risk management systems.

The bank intends to offer digital onboarding and transactions to broaden access and support Egypt’s digital economy.

“ezbank will combine advanced digital technology with international best practices to offer seamless financial services to a broad customer base,” the statement said. 

QNB is one of the largest financial institutions in the Middle East and Africa. With a workforce of over 31,000 professionals, it operates in over 28 countries across three continents of Asia, Europe, and Africa. 

Last week, QNB secured approval from the Saudi Central Bank (SAMA) for ezbank, in collaboration with Ajlan & Bros. Holding, with a capital of SAR2.5bn ($666m). 

QNB said the initiative aims to bolster financial inclusion and digital transformation in Saudi Arabia and aligns with its strategic objectives and the broader economic goals of the region.  

“With ezbank, the goal is to introduce a new model of customer-centric banking built around innovation, efficiency, and accessibility,” it said.  

Earlier this year, QNB implemented the DN Series 500 cash recycler from Diebold Nixdorf. It is the first financial institution in the Middle East to install this recycler. 

The recycler, featuring a dual-tower design powered by two cash engines, offers high capacity for cash deposit, recycling, and dispensing.