Commercial International Bank – Egypt (CIB) has received preliminary approval from the Central Bank of Egypt to establish yomo, a digital bank operating under Egypt’s digital banking framework introduced in 2023.

The approval lets yomo move into its next phase of operational, technological and customer readiness ahead of launch, which remains subject to further regulatory approval.

CIB has invested US$300 million into yomo, according to Arab Finance’s reporting on CIB’s disclosure.

The bank set up yomo’s holding company in Abu Dhabi for regulatory and tax reasons and based the newly licensed operating company in Cairo, CIB Group Chief Executive Hisham Ezz Al-Arab has said.

CIB is targeting a launch for yomo in the fourth quarter of 2026.

yomo becomes Egypt’s second digital bank to secure a licence, following One Bank, backed by Banque Misr, which received the country’s first digital banking licence.

“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,” said Hisham Ezz Al-Arab, Group Chief Executive of CIB. “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.”

CIB describes yomo as a digitally native bank built from the ground up, rather than a traditional bank delivered through a mobile app, designed to meet customer expectations for banking that is simple, intelligent and accessible wherever they are.

“Securing our initial licence is a defining milestone, but it is the beginning of the journey, not the destination,” said Rashwan Hammady, newly appointed CEO of yomo. “We are building a bank that respects people’s time, speaks their language and helps them move forward with greater confidence and control.”

He added that more details on the yomo brand and customer experience will be revealed later this year.

Following the initial licence, yomo will continue through the final stages of operational readiness, including technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation and operational resilience, before launch.

Featured image: Edited by Fintech News UAE based on an image by yomo via its Press Release.