Mylo, a fintech company from B.TECH, has received official approval from Egypt’s Financial Regulatory Authority (FRA) to offer fully digital onboarding services. This makes Mylo one of the first companies in Egypt to provide such a service through its fintech license.
The newly approved digital onboarding process eliminates the need for wet signatures and in-person Know Your Customer (KYC) verifications, allowing users to seamlessly onboard, activate their accounts, and gain instant access to credit from anywhere and at any time. The service is designed to offer a more efficient and accessible way for customers to connect with financial services.
CEO Mohamed Khattab stated, “Mylo’s vision is to empower millions of individuals and businesses with accessible, responsible, and innovative financial solutions.” The company’s expansion strategy includes a phased rollout across various regions in Egypt, beginning with key cities in Upper Egypt such as Assiut, Sohag, Qena, Luxor, and Aswan. The service will also cover cities in the Delta region, including Tanta, Mansoura, Banha, Damanhur, and Zagazig, with Alexandria and Cairo expected to follow by mid-year.
Egypt’s fintech sector has experienced remarkable growth, with a 5.5-fold increase over the past five years. The sector now boasts 177 startups, according to the recent FinTech Landscape Report by Entlaq, signaling a vibrant digital financial ecosystem in the country.
