Arab Finance: Commercial International Bank (CIB) has received preliminary approval from the Central Bank of Egypt (CBE) to establish yomo, a digital bank backed by a $300 million investment, as per a disclosure.
CIB plans to initially deploy yomo Holding’s digital banking platform in Egypt as an independently licensed, digitally native bank.
The new platform will operate under Egypt’s digital banking framework, which was introduced in 2023.
The preliminary approval allows yomo to begin preparing its operations, technology infrastructure, and customer services ahead of its planned launch, which remains subject to further regulatory clearance.
