Commercial International Bank (CIB) has received preliminary approval from the Central Bank of Egypt to establish yomo digital bank, opening the way for a new digital banking platform aimed at making financial services more accessible to individuals and businesses across Egypt.
The initiative marks an important development for Egypt’s banking sector as demand for digital financial services continues to grow. Developed under Egypt’s digital banking framework introduced in 2023, yomo is being designed as a digitally native bank, rather than a traditional bank simply offering its services through a mobile application.
Backed by CIB’s 50 years of banking experience, yomo aims to combine the strength, governance and trust of one of Egypt’s leading private-sector banks with the speed and accessibility of a digital-first institution. The preliminary approval allows the bank to move into the next stage of operational, technological and customer readiness ahead of its planned launch, subject to further regulatory approval.
Making Banking More Accessible
The development of yomo comes as customers increasingly expect banking services to be simple, convenient and available wherever they are. The platform has been designed around these changing expectations, with the aim of reducing complexity and giving customers greater control over their financial lives.
For individuals, this could mean easier access to everyday banking, savings and other financial services. For small and micro businesses, a more accessible digital banking platform could support financial management and create easier ways to interact with banking services as businesses develop and grow.
CIB Group Chief Executive Hisham Ezz Al-Arab said the bank sees strong commercial potential in the initiative, particularly within the consumer and small and micro business segments.
“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.”
Ezz Al-Arab also pointed to the wider growth opportunities within Egypt’s banking industry, saying, “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.”
The platform is being built from the ground up to respond to the evolving lifestyles and financial needs of customers in Egypt. Its digital-first model is expected to place greater emphasis on convenience, accessibility and customer relevance.
Preparing for the Next Stage
Rashwan Hammady, the newly appointed CEO of yomo, said the preliminary approval represents an important milestone, but that the bank still has work to complete before launching its services.
“Securing our initial licence is a defining milestone, but it is the beginning of the journey, not the destination,” Hammady said.
He added, “We are building a bank that respects people’s time, speaks their language and helps them move forward with greater confidence and control.”
Hammady said yomo aims to establish a new benchmark for digital banking in Egypt by combining simple and intuitive experiences with intelligent support designed to help customers make better financial decisions. He also said the company would reveal more about the yomo brand and customer experience later this year.
Following the preliminary approval, yomo will continue with technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation and operational resilience preparations. These steps will be important in ensuring that the platform is secure, reliable and ready to serve customers when it launches.
For CIB, yomo represents an opportunity to expand its presence in Egypt’s growing digital banking market while supporting its broader five-year strategy. For consumers and businesses, the initiative could provide a more convenient way to access and manage financial services as Egypt’s economy becomes increasingly digital.
