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yomo, a new digitally native bank backed by a $300 million investment from the Commercial International Bank – Egypt (CIB), has received preliminary approval from the Central Bank of Egypt. CIB said in a statement that it “is investing USD 300 million in yomo Holding’s digital banking platform, to be first deployed in Egypt as an independently licenced and digitally native bank.”
The approval arrives in line with the introduction of Egypt’s digital banks’ framework in 2023. The approval is a preliminary licence, meaning yomo must still work through “technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation, and operational resilience before launch” and the commercial launch remains subject to further regulatory approval.
“I believe strongly in the commercial opportunity the launch of yomo offers to CIB’s shareholders as part of our already announced five-year strategy and CIB’s ambition in supporting the launch of yomo is to make it easier for Egyptians everywhere to experience a fully digital banking experience,” said Hisham Ezz Al-Arab, Group Chief Executive of CIB.
Commercial International Bank – Egypt (CIB) is Egypt’s leading private-sector bank, offering a range of financial products and services to enterprises of all sizes, institutions, households, and individuals
He added, “Egypt’s banking industry is poised to benefit from the increased growth opportunities we are seeing across the mass consumer and small and micro business segments, and the yomo digital banking platform places CIB at the centre of that opportunity.”
For CIB, yomo is not just another investment but part of a global shift in how banking is delivered. Unlike a traditional lender offering a digital banking experience through an app, yomo, built on Egypt’s existing banking regulations, is designed from the ground up as a digital-native bank to meet the evolving expectations, lifestyles, and ambitions of customers in Egypt.
Rashwan Hammady, CEO designate of yomo, said, “Securing our initial licence is a defining milestone, but it is the beginning of the journey, not the destination. We are building a bank that respects people’s time, speaks their language and helps them move forward with greater confidence and control.”
“Our ambition is to set a new benchmark for digital banking in Egypt by combining simple and intuitive experiences with intelligent support that helps customers make better financial decisions. We look forward to revealing much more about the yomo brand and the experience we are creating later this year,” he added.
CIB, which has operated in Egypt for more than 50 years, said the preliminary licence for yomo starts a broader effort to reshape the future of banking in Egypt through “innovation, trust and technology” and making banking more accessible and relevant to empower the next generation of customers.
