Rana Mamdouh _ BM Consumer Finance – Souhoola has obtained the approval of the Financial Regulatory Authority to engage in consumer finance activities using financial technology through "V-Lance", in a new step within the company's efforts to develop its services and expand the scope of financing solutions it offers to clients in the Egyptian market.
The company affirmed in its statement issued today that this approval reinforces the company's leadership in employing digital solutions, and supports its efforts to develop the mechanisms for providing financing services and improve the customer experience, in line with the rapid developments in the non-banking financial services sector.
Souhoola had submitted its application for the license prior to the issuance of Financial Regulatory Authority Decree No. 43 of 2026, issued last February, regarding the suspension of accepting establishment applications and obtaining licenses to engage in consumer finance activities using financial technology for a period of one year. The approval of the company's application came in light of its submission prior to the issuance of the aforementioned decree.
According to Souhoola's statement, the license includes four main pillars for utilizing financial technology in consumer finance activities, which are: electronic identification, verification, and authentication; electronic Know Your Customer (e-KYC); electronic conclusion of contracts regarding non-banking financial products; as well as electronic recording, retention, and retrieval of digital records.
It noted that these pillars support the development of the financing service delivery cycle by leveraging digital solutions to verify customer identities, complete contractual procedures, and manage records electronically, in accordance with the applicable regulatory controls.
It pointed out that this step will enable Souhoola to provide smoother and more efficient financing services to its clients by simplifying procedures and leveraging digital solutions across various stages of the customer journey, starting from identity verification up to the electronic execution of contracts.
It added that this comes within the framework of the company's direction towards diversifying its financing services and developing its operational and digital capabilities, thereby enhancing its ability to meet the changing needs of customers and solidify its presence in the Egyptian consumer finance market.
In this context, Ahmed El-Shenawy, CEO of Souhoola, stated: "This approval represents an important milestone in Souhoola's journey, and reflects our commitment to continuously developing our services and leveraging technological solutions to provide a faster and more effective financing experience for our clients."
El-Shenawy pointed out: "We continuously work on diversifying our financing solutions and developing their delivery mechanisms in a manner that aligns with the needs of the Egyptian market and supports the development of the consumer finance sector."
He continued: We believe that employing digital solutions represents a fundamental element in enhancing the efficiency of financial services, expanding their outreach, and mitigating risks.
He explained that Souhoola continues to work on enhancing its service portfolio and developing its partnerships with various sectors, which supports its ability to reach diverse customer segments and meet their financing needs.
He added that this comes in parallel with the development witnessed by the consumer finance sector in Egypt and the efforts aimed at expanding the scope of benefitting from non-banking financial services.
It is worth mentioning that BM Consumer Finance was established in 2019, with a capital reaching EGP 400 million, and possesses a customer base exceeding 400,000 active clients.
