Commercial International Bank – Egypt (CIB) has received preliminary approval from the Central Bank of Egypt to establish yomo, a new digital bank being developed under Egypt’s digital banking framework introduced in 2023.
The approval marks a significant step in CIB’s plans to expand into digitally native banking and create simpler, more accessible financial services for consumers and small and micro businesses across Egypt.
Backed by CIB’s governance, infrastructure and five decades of banking experience, yomo is designed as a digital-first bank built from the ground up rather than a traditional banking service delivered through a mobile application.
The platform aims to combine digital accessibility, intelligent support and customer-focused experiences to help users manage everyday finances, save, make financial decisions and build businesses.
CIB Group Chief Executive Hisham Ezz Al-Arab said yomo forms part of the bank’s five-year strategy and could position CIB to capture growth opportunities across Egypt’s mass consumer and small and micro business segments.
The preliminary approval allows yomo to proceed with operational, technological and customer readiness ahead of the launch of its services, subject to further regulatory approval. The bank will continue technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation and operational resilience preparations before launch.
