Egyptian fintech company mylo has received official approval from the Financial Regulatory Authority (FRA) for its fully digital onboarding experience through its fintech licence.
According to the press release posted on Zawya, this approval positions mylo as one of the first companies to offer such a service.
mylo said this “landmark achievement represents a transformative leap” in Egypt’s consumer finance sector industry.
It is expected to make financial access more “seamless, efficient, and entirely digital”.
mylo operates as a subsidiary of B.TECH, Egypt’s omnichannel retailer and consumer finance platform.
The recently authorised digital onboarding system removes conventional obstacles to financial services by eliminating the need for physical signatures or in-person Know Your Customer (KYC) verification.
This is said to enable users to register and activate their accounts, providing them with “instant” credit access, the fintech said.
mylo CEO Mohamed Khattab added: “This milestone is a testament to mylo’s vision of empowering millions of individuals and businesses with accessible, responsible, and innovative financial solutions, by blending innovative technology with a customer-first approach, we are setting a bold new standard for Egypt’s fintech landscape revolutionising the way people access and experience financial services.”
mylo said its growth strategy involves a gradual expansion across different regions of Egypt.
The service is already available in most of Upper Egypt, including Assiut, Sohag, Qena, Luxor, and Aswan, as well as in key Delta cities such as Tanta, Mansoura, Banha, Damanhur, and Zagazig.
The company aims to launch its service in Alexandria and Cairo by mid-year, marking the final phase of its nationwide rollout.
For B.TECH, the latest initiative aligns with its strategy to broaden its service portfolio, drive economic progress across various governorates, and provide adaptable financing solutions designed to accommodate a wide range of consumer needs and spending capabilities.
