Egypt's FRA approves six companies to use fintech for financial services

Egypt’s Financial Regulatory Authority (FRA) has approved six companies to conduct non-banking financial activities using financial technology (fintech). The decision aims to expand access to financial services, accelerate digital transformation, and support the formal financial system.

Key approvals include Wilzy Financial Holding for securities custody and Wilzy Securities Trading for digital trading mechanisms. The FRA also authorized the establishment of two fintech startups: Paymob Financing for Small and Medium Enterprises and MIDBANK Digital Financing for SMEs.

Additionally, Fawry for Banking Technology and Electronic Payments was registered as a fintech outsourcing service provider, restricted to its own subsidiaries. Souhoola, the consumer finance arm of Banque Misr, received authorization to operate via the V-Lens platform. This approval follows a previous suspension on new consumer finance fintech licenses issued in February 2026.