Commercial International Bank – Egypt (CIB) has received preliminary approval from the Central Bank of Egypt (CBE) to establish yomo, a new digital bank. The approval, announced on August 19, 2026, aligns with Egypt’s regulatory framework for digital banks introduced in 2023.
CIB is investing $300 million in yomo Holding’s digital banking platform, which will first be deployed in Egypt as an independently licensed and digitally native bank. The preliminary green light allows yomo to advance operational, technological and customer readiness ahead of a full service launch, subject to final regulatory clearance.
Backed by CIB’s governance, financial strength and more than 50 years of banking experience, yomo aims to combine the trust associated with Egypt’s leading private-sector bank with the speed, accessibility and customer focus of a digitally born institution. The platform is designed to serve individuals and businesses with simpler, more intuitive financial services.
Hisham Ezz Al-Arab, Group Chief Executive of CIB, said the launch forms part of the bank’s five-year strategy and presents a significant commercial opportunity for shareholders. He noted that Egypt’s banking sector stands to benefit from growth in the mass consumer and small and micro business segments, with yomo positioning CIB at the centre of that expansion.
Rashwan Hammady, newly appointed CEO of yomo, described the initial licence as a defining milestone. “We are building a bank that respects people’s time, speaks their language and helps them move forward with greater confidence and control,” he said. “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.”
Following the preliminary approval, yomo will complete technology validation, cybersecurity testing, regulatory compliance work, customer journey optimisation and operational resilience preparations. The bank is expected to reveal further brand and product details before the end of 2026, with a full launch targeted thereafter.
Egypt’s digital banking regulations, introduced in 2023, are intended to expand financial inclusion and competition by enabling fully digital institutions. Other players, including state-linked initiatives, have also advanced under the same framework. CIB’s move positions it among the early private-sector entrants seeking to capture demand for convenient, accessible digital financial services among Egyptians both at home and abroad.
The final licence and subsequent launch will determine how quickly yomo can scale its customer base and contribute to CIB’s broader digital growth objectives.
