Yomo, the digital bank being developed by Commercial International Bank Egypt (CIB), is preparing to enter the Egyptian market after receiving preliminary approval from the Central Bank of Egypt to establish a digital bank.
The company plans to invest up to $300M in the project, according to CEO and Managing Director Roshwan Hamady. The investment will cover the bank’s digital platform, technology infrastructure and operating requirements ahead of its planned pilot launch.
Yomo will initially focus on individual customers, including Egyptians living abroad, before expanding into services for small, medium-sized and micro enterprises. The bank aims to reach tens of millions of customers over the long term, although it has not disclosed a target for its first years of operation.
The bank is being built as a digital-first operation rather than a traditional bank shifting from branches to online services. According to the announcement, this model is expected to support faster service delivery and lower operating costs.
Yomo’s plan targets net profitability by the end of its fifth year of operations. Hamady, who has spent more than 20 years at CIB, previously led the lender’s retail banking and financial inclusion division. The project is now completing regulatory and operational preparations for launch.
Source: Jawlah
