BM Consumer Finance, operating as Souhoola, has received approval from Egypt’s Financial Regulatory Authority (FRA) to conduct consumer finance activities using financial technology through V-Lens.
The approval covers 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.
According to the announcement, Souhoola submitted its licensing application before FRA Resolution No. 43 of 2026, issued in February, suspended the acceptance of applications for similar licenses for one year. The company’s application was approved because it was filed before the resolution.
Souhoola said the approval will support more streamlined financing procedures, from customer identity checks to contract execution and record management. CEO Ahmed El Shanawany said the company plans to use technology to develop its financing solutions and improve access for customers in the Egyptian market.
Established in 2019, Souhoola has capital of EGP 400 million and more than 400,000 active customers, according to the announcement.
Source: Zawya
