Mylo, the fintech subsidiary of B.TECH, has officially secured approval from the Financial Regulatory Authority (FRA) in Egypt.
The approval gives the firm rights to implement fully digital customer onboarding, making it one of the first companies to offer this service in the country.
This development represents a major shift in financial services, allowing users to open their accounts digitally, eliminating paperwork and branch visits, making the process faster and more convenient.
“This milestone reflects Mylo’s commitment to empowering individuals and businesses with innovative, responsible, and easy-to-use financial solutions,” said Mohamed Khattab, CEO of Mylo.
“We are setting a bold new standard in Egypt’s fintech sector by integrating cutting-edge technology with a customer-first approach, fundamentally transforming how people access and experience financial services.”
With this digital onboarding license, customers will benefit from instant account activation without branch visits, access to credit limits within minutes, anytime, anywhere, and elimination of paperwork and manual verification, making financial services more efficient.
As part of its expansion strategy, Mylo has launched operations in several governorates across Upper Egypt, including Assiut, Sohag, Qena, Luxor, and Aswan. Cairo and Alexandria are set to join the platform by mid-year, ensuring nationwide coverage.
As part of the B.TECH group, Mylo’s launch reflects the parent company’s commitment to providing innovative financial solutions that cater to customers’ needs and drive digital financial inclusion.
With this move, Mylo cements its position as a leader in Egypt’s fintech landscape, offering a hassle-free financial experience that eliminates traditional complexities and makes financial services more accessible to all.
