Egypt Approves Six Fintech Firms to Expand Access to Financial Services

Egypt’s monetary regulator authorized 6 business on Sunday, 18 October, to provide loaning, financial investment and other monetary services utilizing monetary innovation, called fintech, as it works to bring more individuals into the official monetary system.

The Financial Regulatory Authority (FRA), which manages monetary services aside from banks, stated the approvals are implied to broaden access to monetary services, accelerate digital change and motivate using innovation in the sector. The authority revealed that the choices must broaden digital tools in capital markets and assistance technology-based loaning to customers and to micro, little and medium-sized organizations.

Amongst the approvals, Welzi Financial Holding can now hold securities on behalf of clients utilizing fintech, and its sibling business, Welzi Securities Trading, can perform its certified activities through digital tools. 2 start-ups, Paymob Small and Medium-sized Enterprise (SME) Finance and MIDBANK Digital Financing for SMEs, were authorized to serve little and medium-sized companies. Fawry for Banking Technology and Electronic Payments was signed up as an innovation company, though just to its own affiliates. Souhoola, a customer financing business, can now run through a platform called V-Lens.

Souhoola used before February, when the authority stopped briefly brand-new applications for customer financing licenses utilizing fintech for one year under Decision No. 43 of 2026.

Presently, non-bank financing comprises about 54 percent of Egypt’s monetary system, according to the authority. It consists of capital markets, insurance coverage, property financing, leasing and other services that offer credit and financial investment chances to families and small companies outside conventional banking. The authority manages these markets and accredits the business that run in them, whether they utilize conventional approaches or innovation.

The FRA likewise authorized licenses in October for 12 business and entities, covering mutual fund management, securities custody and financial obligation collection. It likewise authorized brand-new mutual fund concentrated on realty, healthcare and farming.