CIB Gets Preliminary Approval for New Digital Bank ‘yomo’
The Central Bank of Egypt has granted preliminary approval for CIB-backed yomo, moving the digital bank into its next stage of preparation.
Commercial International Bank in Egypt has received preliminary approval from the Central Bank of Egypt to establish ‘yomo’, a new digitally native bank developed under the country’s digital banking framework introduced in 2023.
The approval allows yomo to move into the next phase of operational and technological preparation ahead of launch, including technology validation, cybersecurity testing, regulatory compliance, customer journey development and operational resilience. A final launch remains subject to further regulatory approval.
CIB plans to invest $300 million in yomo Holding’s digital banking platform, which is expected to be deployed first in Egypt as an independently licensed digital bank.
Rather than operating as a digital extension of a traditional branch-based bank, yomo is being developed from the ground up around online banking services, with a focus on mass-market consumers and small and micro businesses, including Egyptians living abroad.
