Egyptian consumer finance company Souhoola has received initial regulatory approval to launch a new reloadable prepaid card. The move signals a significant step in the company’s digital transformation journey and aims to enhance financial inclusion by offering more flexible payment solutions to its customers across Egypt.
A Strategic Fintech Partnership
This initiative is the result of a strategic partnership framework that brings together key players from the banking and payments technology sectors. State-owned Banque Misr will serve as the issuing bank, while US-based payments giant Visa will provide the card network and its underlying technologies.
Cairo-headquartered payments technology provider Modupay will act as the technical payment partner, handling card issuing, processing, and providing ongoing operational support to ensure service efficiency and continuity.
Bridging Payments And Credit
The new prepaid card is designed to combine standard payment functionalities with Souhoola’s core offering of installment plans, which can extend up to 60 months. This hybrid model aims to provide users with greater financial control and flexibility.
Key features include instant activation and a dedicated mobile application that allows users to track their balances and transactions in real time. The product is targeted at both Souhoola’s existing customer base and the wider population in urban areas across the country.
Driving Digital Transformation
Ahmed El-shanwany, Managing Director of Souhoola, described the approval as a strategic milestone. “This step is not merely an administrative procedure, but an extension of our vision to empower individuals and enhance financial inclusion in Egypt,” he stated. “This card clearly embodies that concept through innovative features that grant customers full security and total control over their spending, while maintaining the unique flexibility of accessing Souhoola’s exclusive installment services.”
Mohamed Gamal, Chief Business Officer at Souhoola, added that the collaboration reinforces the company’s market position. “Our cooperation with Banque Misr, Visa, and Modupay reflects our ongoing commitment to offering trusted and secure solutions that meet customer aspirations and reinforce Souhoola’s competitive position.”
About Souhoola
Founded in 2019, Souhoola is a consumer finance company that provides technology-based financial solutions focused on supporting financial inclusion in Egypt. The company develops financing products aimed at helping customers manage their purchasing needs through flexible digital payment and installment options.
About Modupay
Formerly known as MDP, Modupay is a leading payment-technology enabler in the Middle East and Africa. It works with banks, fintechs, and non-bank financial institutions to build and operate payment products. With over 30 years of experience, Modupay provides an integrated platform for card issuing, payment processing, and digital payment solutions, operating in more than 40 countries.
Source: Zawya
