CIB-backed yomo receives approval for digital bank

By Milan Rojan

CIB-backed digital banking platform yomo has received preliminary approval from the Central Bank of Egypt to establish a digital bank, marking the next stage in its plans to launch in the Egyptian market.

The approval has been granted under Egypt’s digital banking framework introduced in 2023 and has enabled yomo to move into operational, technology and customer-readiness activities ahead of its planned launch.

Hisham Ezz Al-Arab, Group Chief Executive of CIB, said: “CIB’s ambition in supporting the launch of yomo is to make it easier for Egyptians everywhere to experience a fully digital banking experience.”

Backed by Commercial International Bank (CIB), yomo has been designed as a digitally native banking platform aimed at providing consumers and small businesses with digital financial services. The platform has been developed separately from traditional branch-based banking models, with a focus on digital customer journeys and intelligent financial support.

Rashwan Hammady, CEO of yomo, has described the preliminary approval as a defining milestone and has said the bank has aimed to combine simple digital experiences with intelligent support to help customers make financial decisions.

Following the approval, yomo has continued preparations across technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation and operational resilience.

CIB has positioned the digital bank as part of its wider five-year strategy and has highlighted opportunities across Egypt’s consumer and small and micro-business segments.

The launch has reflected Egypt’s growing focus on digital banking and the adoption of technology-led financial services. yomo has said it will reveal further details about its brand and customer proposition later in 2026, with the start of services remaining subject to the required regulatory approvals.

The platform has therefore entered its final preparation phase as CIB has sought to expand its digital banking offering and reach customers through a technology-led model.