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BM Consumer Finance (Souhoola) has obtained approval from the Financial Regulatory Authority (FRA) to engage in consumer finance activities utilizing financial technology (FinTech) through VLens. This strategic move aims to expand its range of financing solutions and elevate services provided to clients across the Egyptian market.

Regulatory Exception Granted via Prior Application

The company clarified that it submitted its license application prior to the issuance of FRA Decree No. 43 of 2026 last February—which suspended new incorporation requests and licensing for FinTech-based consumer finance activities for one year. As a result, Souhoola was granted approval based on the priority of its earlier filing.

4 Core Pillars of Digital Transformation in Financing

The license granted to Souhoola encompasses four primary digital transformation pillars:

Digital Identification, Verification, and Authentication of client identities.

Electronic Know Your Customer (e-KYC) to streamline new client onboarding.

Electronic Contracting for non-banking financial products and services.

Digital Record Management, ensuring the secure recording, storage, and retrieval of files in compliance with regulatory standards.

Faster Financing Experience and Enhanced Operational Efficiency

This approval enables Souhoola to deliver a seamless, end-to-end digital customer journey—ranging from online identity verification to electronic contract execution. The step aligns with the company's vision to diversify its financing portfolio and broaden its client base within Egypt's booming consumer finance sector.

Ahmed El-Shennawy: Moving Toward Efficiency and Risk Mitigation

Ahmed El-Shennawy, CEO of Souhoola, emphasized that securing this license represents a major milestone in the company's trajectory. He noted that leveraging financial technology is the optimal path to boosting operational efficiency, expediting service delivery, and minimizing financial and operational risks.