Egypt Financial Regulatory Authority authorises five non-banking finance firms to use all fintech domains via Vlens and approves EGP 30m Manzil Fin startup

The Egypt Financial Regulatory Authority’s committee responsible for approving the use of financial technology in non-banking financial activities authorised five non-banking financial companies to deliver their licensed services using all fintech domains, through outsourcing provider Vlens. The committee also approved the establishment of Manzil Fin as a fintech-enabled start-up for consumer finance and mortgage finance with paid-in capital of EGP 30 million, and expanded Lumen Soft’s outsourcing permissions. The approvals cover three consumer finance firms (Hala Consumer Finance, B.TECH Finance and U Consumer Finance) and two securities firms (MNT Tech Holding and Bokra for Portfolio and Investment Fund Formation and Management). The firms may use fintech for electronic identification, verification and authentication, electronic know-your-customer, electronic contracting for non-banking financial products, and electronic registration, preservation and retrieval from digital records, executed through Vlens as a registered outsourcing company with the Authority. Manzil Fin’s incorporation was approved under the fintech law for non-banking financial activities (Law No. 5 of 2022) and the Authority’s Board Decision No. 268 of 2023, which allowed the creation of digital non-banking finance start-ups with capital of EGP 15 million. Lumen Soft was approved to add electronic contracting and digital records to its outsourcing scope, making it the second outsourcing company permitted to operate across the four fintech domains.