BM Consumer Finance, operating as Souhoola, has received approval from Egypt's Financial Regulatory Authority to conduct consumer finance activities using fintech through its V-Lens platform. The approval was announced on 21 October 2026 and allows the company to expand its use of digital solutions across the Egyptian consumer finance market. It marks a new step in Souhoola's efforts to develop its financing services and improve the customer experience amid rapid changes in non-banking financial services.
Regulatory Context of the Approval
Souhoola submitted its licensing application before the issuance of FRA Resolution No. 43 of 2026 in February 2026. The resolution suspended the acceptance of applications for establishing companies and obtaining licenses to conduct consumer finance activities using fintech for one year. Because Souhoola filed its application before the resolution took effect, the FRA approved it in recognition of the company's earlier submission, reinforcing its leadership in digital adoption.
Scope of the Approved License
The approved license covers four key areas related to the use of fintech in consumer finance activities. These include electronic identification, verification, and authentication; electronic customer identification; the electronic execution of contracts for non-banking financial products; and the electronic registration, storage, and retrieval of digital records. These capabilities support the development of the financing service cycle by enabling digital identity verification, streamlined contractual procedures, and compliant electronic record management.
Customer Impact and Operational Benefits
The approval is expected to enable Souhoola to provide customers with more seamless and efficient financing services by streamlining procedures and leveraging digital solutions across the customer journey. These improvements will cover the entire process from identity verification to electronic contract execution. The move also aligns with the company's direction toward diversifying its financing services and developing its operational and digital capabilities to meet evolving customer needs.
Leadership Perspective on the Approval
Ahmed El Shanawany, CEO of Souhoola, described the approval as an important milestone in the company's journey. He said Souhoola remains committed to continuously developing its services and leveraging technology to deliver a more accessible and flexible financing experience. El Shanawany added that the company is working to diversify its financing solutions and enhance delivery mechanisms in line with the needs of the Egyptian market.
Company Background and Market Presence
Established in 2019, Souhoola operates with a capital of EGP 400 million and serves more than 400,000 active customers. The company is committed to providing innovative financial solutions powered by modern technology, contributing to financial inclusion across Egypt. Souhoola continues to strengthen its service portfolio and develop partnerships across various sectors to reach diverse customer segments and address their financing needs.
Strategic Alignment with Market Development
These efforts come amid the ongoing development of Egypt's consumer finance sector and broader initiatives to expand access to non-banking financial services. Souhoola believes that adopting digital solutions is essential to enhancing the efficiency of financial services and expanding access to them. The approval is expected to strengthen the company's ability to meet evolving customer needs and consolidate its presence in Egypt's consumer finance market.
The FRA approval represents a significant step in Souhoola's contribution to financial inclusion and the continued development of Egypt's consumer finance sector. By combining regulatory compliance with digital innovation through V-Lens, the company is positioned to offer more flexible and accessible financing experiences. Souhoola's ongoing investment in technology and partnerships underscores its commitment to serving a growing customer base in an evolving market.