Egypt’s FRA approves six FinTech firms for non-banking financial services

By Divya Shah

Why it matters: The approvals signal Egypt’s continued commitment to building a regulated FinTech ecosystem. For FinTechs, the move creates opportunities across securities services, SME finance, consumer lending, and FinTech outsourcing, while demonstrating increasing regulatory support for digital business models that expand financial inclusion and modernise non-banking financial services. 

The Financial Regulatory Authority (FRA) of Egypt has approved six companies to conduct non-banking financial activities using financial technology as part of its efforts to expand digital financial services and accelerate the sector’s digital transformation. 

The approvals were granted through the FRA committee responsible for reviewing applications to use FinTech in non-banking financial activities and are aimed at promoting financial inclusion and broader adoption of digital solutions across the sector. 

Among the approved firms, Wilzy Financial Holding received authorisation to undertake securities custody activities using FinTech, while Wilzy Securities Trading was approved to conduct its broking activities and operate authorised mechanisms through digital technologies. 

The regulator also approved the establishment of two FinTech-focused financing companies: Paymob Financing for Small and Medium Enterprises and MIDBANK Digital Financing for Small and Medium Enterprises (SMEs). The new entities are expected to support access to financing for smaller businesses through technology-driven solutions. 

In addition, the FRA approved the registration of Fawry for Banking Technology and Electronic Payments as a FinTech outsourcing service provider. The company’s services will be limited to its subsidiaries and will not be extended to other companies operating in non-banking financial activities. 

The regulator also authorised Souhoola, the consumer finance subsidiary of Banque Misr, to conduct its activities using FinTech infrastructure provided through V-Lens. Souhoola submitted its application before the FRA introduced Resolution No. 43 of 2026, which suspended new applications for the establishment and licensing of consumer finance companies using FinTech for one year. 

According to the FRA, the approvals are expected to support the adoption of digital solutions across capital market activities while encouraging the use of technology in consumer finance and financing services for micro, small and medium-sized enterprises. 

The move forms part of the regulator’s broader mandate to supervise and develop Egypt’s non-banking financial sector, including capital markets, insurance, real estate finance, leasing, factoring, securitisation and other financial services delivered through both traditional and digital channels.