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mylo One of the First Companies to Receive Consumer Finance FRA Approval for Digital Onboarding in Egypt
mylo, the innovative fintech company born out of B.TECH, announced that it has received official approval from the Financial Regulatory Authority (FRA) for its fully digital onboarding experience through its Fintech License, making it one of the first companies to offer this service. This landmark achievement represents a transformative leap in Egypt’s consumer finance sector, redefining customer experience by making financial access more seamless, efficient, and entirely digital.
The newly approved digital onboarding process eliminates traditional barriers to financial services by removing the need for wet signatures or in-person KYC verification. This empowers users to onboard and activate their accounts effortlessly, gaining instant access to credit within minutes from anywhere and at any time. The streamlined process reflects mylo’s commitment to leveraging technology to enhance accessibility to financial services across Egypt.
Mohamed Khattab, CEO of mylo stated: “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—revolutionizing the way people access and experience financial services.”
mylo’s expansion strategy includes a phased rollout across Egypt’s regions. The service has already launched in most of Upper Egypt including Assiut, Sohag, Qena, Luxor, and Aswan, with Delta cities like Tanta, Mansoura, Banha, Damanhur, and Zagazig already operational. Alexandria and Cairo are scheduled for mid-year, completing mylo’s nationwide coverage.
As a subsidiary of B.TECH, mylo exemplifies the parent company’s commitment to being the first choice for consumers and partners in the home appliances and electronics sector through integrated, quality solutions. This launch reflects B.TECH’s dedication to expanding beyond traditional services, contributing to growth across various governorates, and providing flexible financing solutions tailored to different segments and purchasing capacities.
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