Egypt’s Souhoola Secures FRA Approval for Fintech-Based Consumer Finance

Consumer Finance – Souhoola  announced that it has received approval from the Financial Regulatory Authority (FRA)  to conduct consumer finance activities using financial technology through V-Lens, marking a new step in the company’s efforts to develop its services and expand the range of financing solutions offered to customers in the Egyptian market.

This approval reinforces Souhoola’s leadership in adopting digital solutions and supports its efforts to develop financing service delivery mechanisms and enhance the customer experience, in line with the rapid developments in the non-banking financial services sector.

Souhoola had submitted its licensing application before the issuance of FRA Resolution No. 43 of 2026, issued in February 2026, which suspended the acceptance of applications for establishing companies and obtaining licenses to conduct consumer finance activities using fintech for one year. The company’s application was approved in recognition of its submission prior to the issuance of the aforementioned resolution.

The license covers four key areas related to the use of fintech in consumer finance activities: electronic identification, verification, and authentication; electronic customer identification; the electronic execution of contracts for non-banking financial products; and the electronic registration, storage, and retrieval of digital records. These areas support the development of the financing service cycle through the use of digital solutions for customer identity verification, completing contractual procedures, and managing records electronically, in accordance with applicable regulatory requirements.

This step is expected to enable Souhoola to provide customers with more seamless and efficient financing services by streamlining procedures and leveraging digital solutions across different stages of the customer journey, from identity verification to electronic contract execution. It also aligns with the company’s direction toward diversifying its financing services and developing its operational and digital capabilities, strengthening its ability to meet evolving customer needs and consolidate its presence in Egypt’s consumer finance market.

“This approval marks an important milestone in Souhoola’s journey and reflects our commitment to continuously developing our services and leveraging technology to deliver a more accessible and flexible financing experience for our customers. We are consistently working to diversify our financing solutions and enhance the mechanisms through which they are delivered in line with the needs of the Egyptian market and the development of the consumer finance sector. We believe that adopting digital solutions is essential to enhancing the efficiency of financial services and expanding access to them.”

– Ahmed El Shanawany, CEO, Souhoola

Souhoola continues to strengthen its service portfolio and develop partnerships across various sectors, supporting its ability to reach diverse customer segments and address their financing needs. These efforts come amid the ongoing development of Egypt’s consumer finance sector and broader initiatives to expand access to non-banking financial services.