Egypt’s financial regulator approved six companies on Sunday, 18 October, to offer lending, investment and other financial services using financial technology, known as fintech, as it works to bring more people into the formal financial system.
The Financial Regulatory Authority (FRA), which oversees financial businesses other than banks, said the approvals are meant to widen access to financial services, speed up digital transformation and encourage the use of technology in the sector. The authority announced that the decisions should expand digital tools in capital markets and support technology-based lending to consumers and to micro, small and medium-sized businesses.
Among the approvals, Welzi Financial Holding can now hold securities on behalf of customers using fintech, and its sister company, Welzi Securities Trading, can carry out its licensed activities through digital tools. Two startups, Paymob Small and Medium-sized Enterprise (SME) Finance and MIDBANK Digital Financing for SMEs, were approved to serve small and medium-sized businesses. Fawry for Banking Technology and Electronic Payments was registered as a technology provider, though only to its own affiliates. Souhoola, a consumer finance company, can now operate through a platform called V-Lens.
Souhoola applied before February, when the authority paused new applications for consumer finance licenses using fintech for one year under Decision No. 43 of 2026.
Currently, non-bank finance makes up about 54 percent of Egypt’s financial system, according to the authority. It includes capital markets, insurance, real estate finance, leasing and other services that provide credit and investment opportunities to households and small businesses outside traditional banking. The authority regulates these markets and licenses the companies that operate in them, whether they use traditional methods or technology.
The FRA also approved licenses in October for 12 companies and entities, covering investment fund management, securities custody and debt collection. It also approved new investment funds focused on real estate, health care and agriculture.
