Cairo –  Fintech platform Mylo has received official approval from the Financial Regulatory Authority (FRA) for its fully digital onboarding experience in Egypt, according to a press release.

It is one of the first companies to offer this service, marking a transformative move in Egypt's consumer finance sector.

Mylo will reshape customer experience by making financial access more seamless, efficient, and fully digital.

The newly approved digital process eliminates traditional barriers to financial services by removing the need for wet signatures or in-person KYC verification.

It aligns with mylo's commitment to leveraging technology to boost 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.”

He added:“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."

The platform’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 operational.

Meanwhile, Alexandria and Cairo are scheduled for mid-2025, completing mylo's nationwide coverage.

Source: Mubasher

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