Cairo: TECHzMagazine – News Desk
Commercial International Bank – Egypt (CIB) has officially received preliminary approval from the Central Bank of Egypt (CBE) to establish yomo, a new standalone digital bank headquartered in Cairo. This milestone aligns with the comprehensive digital banking framework introduced by Egypt in 2023, marking a significant step toward modernizing the nation’s banking sector and expanding financial accessibility.
CIB is backing the venture with a substantial $300 million investment into yomo Holding’s digital banking platform. The platform is slated to be deployed first in Egypt as an independently licensed, digitally native financial institution. The new entity aims to combine the institutional strength, governance, and 50-year legacy of Egypt’s leading private-sector bank with the speed, agility, and user-centric approach of a modern fintech platform. yomo is designed to serve a broad demographic, including the mass consumer market, small and micro businesses, and the vital segment of Egyptians working abroad.
Rashwan Hammady, a veteran executive who has served as CIB’s Chief Retail and Commercial Banking Executive, has been appointed as the CEO of yomo. Hammady emphasized that securing the initial license is just the beginning, noting that the bank intends to set a new benchmark for digital banking in Egypt by offering intuitive user experiences coupled with intelligent financial support. CIB Group CEO Hisham Ezz Al-Arab highlighted the strategic commercial value of the new venture, noting that yomo positions CIB perfectly to capture growing opportunities within Egypt’s retail and SME sectors.
With the preliminary license secured, yomo will now advance into the final phases of operational and technological readiness. This critical preparation period will involve rigorous technology validation, cybersecurity testing, customer journey optimization, and regulatory compliance. While the full-scale public launch remains subject to final regulatory clearance, industry reports indicate that CIB is targeting a debut for yomo’s services in the fourth quarter of 2026.
