Egyptian consumer finance company 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 its digital transformation strategy.
The approval supports Souhoola’s efforts to expand its financing solutions, improve service delivery and enhance the customer experience in Egypt’s non-banking financial services sector.
Souhoola submitted its licensing application before FRA Resolution No. 43 of 2026 was issued in February 2026. The resolution suspended the acceptance of applications to establish companies and obtain licences for consumer finance activities using financial technology for one year. Souhoola’s application was approved because it had been submitted before the resolution took effect.
The licence covers four areas: electronic identification, verification and authentication; electronic customer identification; electronic execution of contracts for non-banking financial products; and the electronic registration, storage and retrieval of digital records.
These capabilities will support digital processes throughout the financing journey, from verifying customer identities to executing contracts electronically and managing records in line with applicable regulatory requirements.
Souhoola expects the approval to help streamline procedures and deliver more efficient financing services. The company also aims to diversify its financing solutions and strengthen its operational and digital capabilities to meet changing customer needs.
Ahmed El Shanawany, CEO of Souhoola, said the approval marks an important milestone in the company’s development and reflects its commitment to using technology to provide customers with more accessible and flexible financing experiences.
Souhoola continues to expand its service portfolio and develop partnerships across different sectors as Egypt’s consumer finance market evolves and efforts continue to broaden access to non-banking financial services.
