Egypt’s Financial Regulatory Authority has granted licences to two companies to provide non-banking financial services through fintech, signalling a significant step towards broadening digital access and competition in the country’s financial sector.
Egypt’s Financial Regulatory Authority has approved two companies to carry out non-banking financial services using fintech, in a move that adds to the regulator’s push to widen digital access across the sector. The authority said Digital Banker-Wayak will offer consumer finance services, while CFH Asset Management has been cleared to handle portfolio formation and management, as well as investment fund management, through financial technology.
The approvals come as the FRA steps up its efforts to improve efficiency and competition in the markets it oversees, while also broadening the pool of people and businesses able to use regulated financial services. In previous decisions, the authority has also backed fintech-led activity in consumer finance, portfolio management, custodial services and startup formations, showing a wider pattern of support for digital products in Egypt’s non-bank financial system.
According to the FRA, the latest permissions were issued after review by the committee responsible for examining applications to use fintech in non-banking financial services. The regulator said one of the applicants, Digital Banker-Wayak, had submitted its incorporation paperwork before Decision No. 43 of 2026 was issued in February, which temporarily suspended new incorporation applications and preliminary approvals for companies seeking consumer finance licences using fintech.
The authority said its powers cover regulation and supervision across Egypt’s non-banking financial markets, including capital markets, insurance, mortgage finance, leasing, factoring and securitisation. It also has the authority to approve the formation and licensing of firms operating either through traditional channels or through fintech, under a regulatory framework that has been in place since Law No. 5 of 2022 and the accompanying rules issued by the FRA to support digital transformation and financial inclusion.
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