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Egypt Clears Six Fintechs, Including Paymob and Fawry

Egypt's non-bank regulator approved six firms to offer financial services through technology, from SME lending to digital securities trading.

2 min read
A felucca sails on the Nile in Cairo with the Cairo Tower behind it
Photo: Hatem Ramadan, via Unsplash

[ The short version ]

  1. 01Egypt's Financial Regulatory Authority approved six firms on 18 October to provide non-bank financial services using technology.
  2. 02They include Paymob SME Finance, Fawry for Banking Technology, Souhoola, MIDBANK's SME arm and two Welzi companies.
  3. 03Non-bank finance makes up about 54% of Egypt's financial system, according to the regulator.

Egypt's Financial Regulatory Authority (FRA), which oversees non-bank finance, has approved six companies to offer financial services through technology. It said the approvals aim to "widen access to financial services", Egyptian Streets reports.

6
Firms cleared by Egypt's FRA on 18 October to use technology for financial servicesAccording to Egyptian Streets

Who got what

  • Paymob SME Finance and MIDBANK Digital Financing for SMEs: approved to serve small and medium-sized businesses.
  • Fawry for Banking Technology and Electronic Payments: registered as a technology provider, but only for its own affiliates.
  • Souhoola: a consumer finance company, now cleared to operate through its V-Lens platform.
  • Welzi Financial Holding and Welzi Securities Trading: may hold customers' securities and trade through digital tools.

Souhoola applied before February, when the FRA paused new licence applications for fintech consumer finance for one year. Non-bank finance now makes up about 54% of Egypt's financial system, the regulator says. This month it also licensed 12 firms for fund management, securities custody and debt collection.

Sources and notes
  • #Egypt
  • #Fintech
  • #Paymob
  • #Fawry
  • #Regulation

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