African digital payment startup Yomo has received preliminary approval from the Central Bank of Egypt (CBE) for a digital banking license.
Commercial International Bank Egypt (CIB) has secured preliminary approval from the Central Bank of Egypt (CBE) to establish a new digital bank named “yomo”. The milestone aligns with the regulatory framework for digital banking introduced by the CBE in 2023.
This move marks a major shift for Egypt’s financial sector clearing the path for digitally native banks designed to make everyday money management, saving and business operations simpler, more intuitive and widely accessible across the country.
Backed CIB’s 50-year track record and institutional governance with digital-first agility, yomo is built to blend the trust of Egypt’s premier private lender with the speed, convenience and user-centric experience of a modern neo-bank.
With this preliminary approval in hand, yomo now enters its next phase of development, focusing on operational, technological and customer readiness as it prepares to launch services, subject to final regulatory clearances.
Hisham Ezz Al-Arab, Group CEO of CIB said that yomo represents a major commercial opportunity for shareholders fitting directly into the bank’s broader five-year strategic growth strategy.
“CIB’s ambition in supporting yomo is to make fully digital banking effortless for Egyptians everywhere,” said Ezz Al-Arab. He noted that Egypt’s financial sector is positioned to capture rapid growth across the mass consumer and small-to-micro business segments, with the yomo platform placing CIB directly at the heart of that market opportunity.
Globally, AI-enabled digital banking is redefining financial services by cutting operational friction, expanding reach and handing consumers full control over their financial workflows.
Consumers now expect banking services to be intuitive, intelligent and accessible anywhere, forcing banks to adapt to daily customer routines rather than expecting users to navigate clunky legacy systems.
Built as a digital entity rather than a legacy bank wrapped in a smartphone app, yomo was designed from scratch under Egypt’s regulatory framework to directly align with the dynamic lifestyles and financial ambitions of modern consumers.
Rashwan Hammady, yomo’s newly appointed CEO, described securing preliminary approval as a major milestone emphasizing that it marks just the starting point of their journey.
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We are building a bank that values people’s time, speaks directly to them, and gives them the confidence to manage their money,” said Hammady. He added that yomo aims to set a new standard for Egyptian digital banking by pairing intuitive design with smart features, promising to reveal more details about the platform later this year.
With preliminary approval secured, yomo is now entering its final prep phase rigorously testing tech systems, tightening cybersecurity, refining customer flows and ensuring full regulatory compliance and resilience before go-live.
This announcement signals the start of yomo’s push to redefine Egyptian banking through technology, trust and user-centric design delivering a simpler, more empowering financial experience for the next generation.
