With this approval, Mylo has become one of the first companies to offer such a service in Egypt through its fintech license.
Digital onboarding refers to integrating new customers or users into a service or platform using digital technologies rather than traditional methods that may require in-person interactions.
The newly approved digital onboarding process provides access to financial services by eliminating the need for wet signatures and in-person KYC (Know Your Customer) verifications.
Users can now seamlessly onboard and activate their accounts, gaining instant access to credit within minutes, from anywhere and at any time.
"Mylo's vision is to empower millions of individuals and businesses with accessible, responsible, and innovative financial solutions," said the company's CEO, Mohamed Khattab.
Mylo's expansion strategy involves a phased rollout across various regions in Egypt. The service is now available in key Upper Egyptian cities, including Assiut, Sohag, Qena, Luxor, and Aswan.
It also covers cities in the Delta region, such as Tanta, Mansoura, Banha, Damanhur, and Zagazig. Alexandria and Cairo will follow by mid-year, completing Mylo's nationwide coverage.
Egypt’s fintech sector has skyrocketed by a staggering 5.5-fold over the past five years. According to the FinTech Landscape Report issued recently by Entlaq, it now boasts an impressive 177 startups.
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