• The approval supports the company's drive to develop its financing services and make greater use of digital solutions in the Egyptian market

BM Consumer Finance – Souhoola announced that it has obtained approval from the Financial Regulatory Authority (FRA) to conduct consumer finance activity using financial technology through V Lens, a new step in the company's efforts to develop its services and broaden the range of financing solutions it offers customers in the Egyptian market.

The approval reinforces Souhoola's leadership in using digital solutions and supports its efforts to improve how it delivers financing services and to enhance the customer experience, in line with rapid developments in the non-banking financial services sector.

Souhoola had applied for the licence before the FRA issued Decree No. 43 of 2026 in February, which suspended the acceptance of applications to establish and obtain licences for fintech-based consumer finance activity for one year. The company's application was approved because it had been submitted before that decree was issued.

The licence covers four main areas of fintech use in consumer finance: electronic identification, verification and authentication; electronic know-your-customer (eKYC); electronic contracting for non-banking financial products; and the electronic recording, storage and retrieval of digital records. These areas support the development of the financing-service cycle by using digital solutions to verify customer identity, complete contractual procedures and manage records electronically, in line with the applicable regulatory controls.

The step will enable Souhoola to offer smoother and more efficient financing services to its customers by simplifying procedures and using digital solutions at every stage of the customer journey, from identity verification to electronic contract completion. It is part of the company's drive to diversify its financing services and develop its operational and digital capabilities, strengthening its ability to meet customers' changing needs and consolidating its presence in Egypt's consumer finance market.

Ahmed El Shenawany, CEO of Souhoola, said:

"This approval marks an important step in Souhoola's journey and reflects our commitment to continue developing our services and using technological solutions to deliver a faster and more effective financing experience to our customers. We are constantly working to diversify our financing solutions and develop how we deliver them in line with the needs of the Egyptian market, supporting the development of the consumer finance sector. We believe that harnessing digital solutions is essential to improving the efficiency of financial services, widening access to them and reducing risk."

Souhoola continues to strengthen its service portfolio and develop partnerships across various sectors, supporting its ability to reach diverse customer segments and meet their financing needs. This comes alongside the development of Egypt's consumer finance sector and efforts to widen access to non-banking financial services.

About Souhoola

Souhoola Consumer Finance was founded in 2019 with capital of up to EGP 400 million and has a base of more than 400,000 active customers. Souhoola's mission is to provide innovative financial solutions backed by modern technology, helping to promote financial inclusion and offering easier and more flexible financing services to Egyptian society.

Souhoola aims to offer a flexible financing experience by developing its products and services, using modern technology and building partnerships with various sectors. The company also continues to strengthen its position in the Egyptian market and contribute to developing the consumer finance ecosystem, in step with the sector's growth and customers' needs.