CIB-Backed Digital Platform yomo Secures Initial Banking Licence in Egypt

Backed by CIB’s fifty years of market presence, yomo is designed to function as a natively digital entity rather than a traditional bank with a mobile interface. CEO Rashwan Hammady described the licensing as a foundational step, noting the firm is now entering final stages of technology validation, cybersecurity testing, and regulatory compliance. The platform aims to integrate CIB’s governance with the rapid, intuitive user experiences expected by a modern, tech-savvy generation.

Hisham Ezz Al-Arab, Group Chief Executive of CIB, emphasized that the initiative is a core component of the bank’s five-year growth strategy. By targeting the mass consumer market and micro-businesses, the institution seeks to simplify financial management and provide more accessible tools for Egyptians both at home and abroad. While the initial license permits the transition into operational readiness, the company plans to unveil its full brand identity and service suite later this year.