{"id":3247,"date":"2026-08-28T02:02:33","date_gmt":"2026-08-27T23:02:33","guid":{"rendered":"https:\/\/dailybusiness.info\/?p=3247"},"modified":"2026-08-28T02:02:33","modified_gmt":"2026-08-27T23:02:33","slug":"yomo-secures-preliminary-approval-for-digital-banking-licence-in-egypt","status":"publish","type":"post","link":"https:\/\/dailybusiness.info\/?p=3247","title":{"rendered":"Yomo secures preliminary approval for digital banking licence in Egypt"},"content":{"rendered":"<div>\n<p>Commercial International Bank \u2013 Egypt (CIB) announced that it received preliminary approval from the Central Bank of Egypt (CBE) to establish \u201cyomo\u201d as a digital bank, in line with Egypt\u2019s digital banking framework introduced in 2023.<\/p>\n<p>The approval marks an important milestone in the development of Egypt\u2019s banking sector, paving the way for a new generation of digitally native banks designed to make banking simpler, more intuitive and more accessible for millions of customers, whether they are managing everyday finances, saving for the future or building businesses that contribute to economic growth.<\/p>\n<p>Backed by CIB\u2019s strength, governance and 50 years of banking experience, yomo aims to combine the trust of Egypt\u2019s leading private-sector bank with the speed, accessibility and customer focus of a digitally native bank.<\/p>\n<p>The preliminary approval enables yomo to enter the next phase of operational, technological and customer readiness ahead of the launch of its services, subject to obtaining the necessary regulatory approvals.<\/p>\n<p>Hisham Ezz Al-Arab, Group Chief Executive of CIB, said the launch of yomo presents a significant commercial opportunity for the bank\u2019s shareholders as part of its previously announced five-year strategy.<\/p>\n<p>\u201cCIB\u2019s ambition in supporting the launch of yomo is to make it easier for Egyptians everywhere to experience a fully digital banking experience,\u201d Ezz Al-Arab said.<\/p>\n<p>\u201cEgypt\u2019s 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,\u201d he added.<\/p>\n<p>Digitally native, AI-enabled banking is reshaping financial services globally by reducing complexity, increasing accessibility and giving customers greater control over their financial lives.<\/p>\n<p>Customers increasingly expect banking to be simple, intelligent and available wherever they are, with financial services designed around their lives rather than requiring them to adapt to traditional banking processes.<\/p>\n<p>Built as a digitally native bank rather than a traditional bank delivered through a mobile application, yomo has been designed from the ground up within Egypt\u2019s existing banking regulatory framework to meet the evolving expectations, lifestyles and ambitions of customers in Egypt.<\/p>\n<p>Rashwan Hammady, newly appointed CEO of yomo, said securing the preliminary approval was a defining milestone, but only the beginning of the journey.<\/p>\n<p>\u201cWe are building a bank that respects people\u2019s time, speaks their language and helps them move forward with greater confidence and control,\u201d Hammady said.<\/p>\n<p>\u201cOur ambition is to set a new benchmark for digital banking in Egypt by combining simple and intuitive experiences with intelligent support that helps customers make better financial decisions. We look forward to revealing much more about the yomo brand and the experience we are creating later this year,\u201d he added.<\/p>\n<p>Following the preliminary approval, yomo will continue the final stages of operational readiness, including technology validation, cybersecurity testing, regulatory compliance, customer journey optimisation and operational resilience, before launching its services.<\/p>\n<p>The announcement marks the beginning of yomo\u2019s ambition to help shape the future of banking in Egypt through innovation, trust and technology, while making banking more accessible, relevant and empowering for the next generation of customers.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Commercial International Bank \u2013 Egypt (CIB) announced that it received preliminary approval from the Central Bank of Egypt (CBE) to establish \u201cyomo\u201d as a digital bank, in line with Egypt\u2019s digital banking framework introduced in 2023. The approval marks an important milestone in the development of Egypt\u2019s banking sector, paving the way for a new [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":3248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-3247","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Yomo secures preliminary approval for digital banking licence in Egypt - daily business egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailybusiness.info\/?p=3247\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yomo secures preliminary approval for digital banking licence in Egypt\" \/>\n<meta property=\"og:description\" content=\"Commercial International Bank \u2013 Egypt (CIB) announced that it received preliminary approval from the Central Bank of Egypt (CBE) to establish \u201cyomo\u201d as a digital bank, in line with Egypt\u2019s digital banking framework introduced in 2023. 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