CIB Egypt Receives Preliminary Approval to Launch Yomo Digital Bank

Commercial International Bank–Egypt (CIB) announced on Aug 20, 2026, that it received preliminary approval from the Central Bank of Egypt to establish yomo, a digitally native bank. The approval follows Egypt's digital banks framework introduced in 2023. yomo must complete further operational, technological and regulatory milestones before it can begin serving customers. CIB backs the venture with five decades of banking experience and its position as Egypt's largest private-sector bank.

Rashwan Hammady was named CEO of yomo. He said the team plans to reveal more about the brand and customer experience later in 2026. Financial terms of the investment were not disclosed.