BM Consumer Finance – Souhoola 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 strategy to develop its services and broaden its financing solutions in the Egyptian market.
The approval supports Souhoola’s efforts to integrate digital solutions into its operations, enhance service delivery, and improve the customer experience amid the continued evolution of Egypt’s non-banking financial services sector.
Souhoola submitted its licensing application before the issuance of FRA Resolution No. 43 of 2026 in February, which suspended the acceptance of applications for company establishment and licensing to conduct fintech-enabled consumer finance activities for one year. The company’s application was approved on the basis that it had been submitted before the resolution was issued.
The license covers four key areas of fintech adoption in consumer finance: 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 capabilities are designed to support a more integrated financing process by enabling digital customer verification, electronic contract execution and digital record management, in accordance with applicable regulatory requirements.
The approval is expected to help Souhoola streamline its financing procedures and deliver more efficient services throughout the customer journey, from identity verification to the completion of contracts electronically. It also supports the company’s efforts to diversify its financing solutions and strengthen its operational and digital capabilities to meet evolving customer needs and reinforce its position in Egypt’s consumer finance market.
Commenting on the approval, Ahmed El Shanawany, CEO of Souhoola, said: “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.”
Souhoola continues to expand its service portfolio and develop partnerships across various sectors to reach a broader range of customers and address their financing needs. These efforts come amid the continued growth of Egypt’s consumer finance sector and initiatives to widen access to non-banking financial services.
