Arab Finance: Fintech company mylo, a venture that emerged from B.TECH, has introduced a feature allowing customers to pay their installments through the InstaPay app, as per an emailed press release.
This comes as part of its strategy to expand payment channels and develop its services, reflecting mylo’s focus on providing secure and straightforward digital financial services.
The feature allows users to complete installment payments using their mobile number, national ID, or a registered company code, simplifying the payment process and improving access.
The move aims to address customers’ daily needs by offering more convenient payment options that fit into their routines, while reducing reliance on traditional payment methods.
It also supports the integration of non-banking financial services into daily transactions, allowing mylo to reach a broader segment of users seeking digital financing solutions.
By simplifying the repayment process, the feature enables customers to manage their installments more efficiently, saving time and effort.
Mohamed Khattab, CEO of mylo, stated that this step will support the company’s objectives to deliver a more seamless and flexible payment experience through integration with a widely used digital platform.
Khattab said: “Providing the service of paying installments through the app gives customers greater control over managing their financial obligations easily and anytime, offering them a convenient way that saves time and effort in carrying out their daily financial transactions.”
mylo is among the first consumer finance companies in Egypt to receive approval from the Financial Regulatory Authority (FRA) for full digital onboarding and a fintech license.
The company offers installment plans of up to 48 months and works with more than 5,000 brands across over 15 categories.
