Commercial International Bank (CIB) has received preliminary approval from the Central Bank of Egypt to establish Yomo, a new digital native bank that will operate in Egypt.
The approval allows CIB to move ahead with Yomo's operational and technology plans, although the bank will still require further regulatory clearance before launching its services.
CIB is investing $300 million in Yomo Holding and its digital banking platform. The bank is expected to operate independently from CIB while combining the lender's banking infrastructure and governance with a digital-first customer experience.
The move puts CIB deeper into Egypt's growing digital banking market as traditional financial institutions build standalone digital offerings to reach mass-market consumers and small businesses.
For African founders, Yomo could expand access to digital banking, payments, and financial services, making it easier for startups and SMES to manage money, collect payments, and scale across Egypt's growing digital economy
