Egyptian consumer finance company Souhoola has secured initial approval to launch a reloadable prepaid card, a significant move in its expansion into digital financial services. This initiative, developed in partnership with Banque Misr, Visa, and payment enabler Modupay, aims to merge daily payment convenience with long-term financing. The new card is designed to serve both existing customers and new users across Egypt’s urban centers, signaling a key development in the nation's fintech landscape.
A Strategic Step in Digital Transformation
The launch represents a pivotal milestone in Souhoola’s ongoing digital transformation journey, which is aimed at broadening access to modern financial tools. Ahmed El-shanwany, Managing Director of Souhoola, described the approval as an extension of the company's vision to empower individuals and enhance financial inclusion. This strategic initiative underscores the company's commitment to making financial solutions more accessible, secure, and efficient for the Egyptian market.
Innovative Features for Enhanced Financial Control
The new card combines traditional prepaid functionality with unique consumer finance benefits, setting it apart from standard offerings in the market. Users will gain access to instant activation, real-time balance tracking through the Souhoola app, and robust security features powered by Visa. A key differentiator is the ability for cardholders to utilize Souhoola’s installment services, with repayment periods extending up to 60 months.
This product is designed to provide customers with complete control over their spending while offering unprecedented flexibility for managing their finances. The card allows users to easily add funds, withdraw cash from ATMs, and make payments at a wide range of merchants. This integrated experience is central to Souhoola's goal of delivering a seamless and empowering financial tool to its growing user base.
The Power of Strategic Collaboration
The successful development of this product hinges on a powerful collaboration between four key industry players, each bringing essential expertise. Banque Misr serves as the official issuing bank, while Visa provides its globally recognized and secure payment network for widespread acceptance. Payment technology provider Modupay is responsible for the underlying infrastructure, ensuring reliable and scalable transaction processing for the new card.
This partnership reflects a shared commitment to delivering secure and reliable solutions that meet evolving consumer demands in the region. Mohamed Gamal, Souhoola's Chief Business Officer, highlighted that the collaboration reinforces the company's competitive position in the market. Ahmed Nafea, CEO of Modupay, added that his company is proud to provide the flexible payment infrastructure needed to accelerate digital transformation.
Bolstering Egypt's Digital Payments Landscape
Souhoola's new offering enters a rapidly growing digital payments ecosystem in Egypt, addressing an increasing demand for innovative financial solutions. The company, established in 2019, focuses on leveraging technology to ease financial pressures on consumers. This card directly supports that mission by providing a flexible and accessible tool for managing everyday expenses and larger purchases more effectively.
As Souhoola awaits final regulatory clearance, the initial approval marks a significant advancement for the company and its esteemed partners. The forthcoming prepaid card is poised to introduce a new dimension to consumer finance in Egypt by blending payment convenience with flexible credit. Its official launch is anticipated to strengthen financial inclusion and provide a valuable new tool for consumers navigating the digital economy.