Egypt’s Central Bank grants preliminary approval for CIB-backed digital bank yomo

Egypt’s Central Bank has given preliminary approval for yomo, a digital bank backed by Commercial International Bank (CIB), moving the project into its next preparation stage. The approval allows the team to begin work on operations, technology, cybersecurity, and customer readiness under Egypt’s digital banking framework, which was introduced in 2023. Reports say CIB is investing about $300 million in the venture, and the bank is expected to launch only after final regulatory clearance.