Souhoola, the Egyptian consumer finance company, has received initial regulatory approval to launch a new reloadable prepaid card.
The launch is the result of a strategic partnership involving Banque Misr, Visa, and Modupay, which is acting as the specialised technical payment partner. The card is designed to serve Souhoola’s existing customer base as well as individuals in urban areas across Egypt, offering a blend of everyday payment functionality and consumer finance options.
Combining payments with 60-month installments
The prepaid card aims to provide an “integrated financial experience.” It allows users to instantly activate the card, add funds, withdraw cash, and track their balances and transactions in real-time via an app.
Crucially, the product integrates Souhoola’s core consumer finance offering, allowing cardholders to pay for purchases in installments over a period of up to 60 months.
Ahmed Alshanawany, managing director of Souhoola, commented on the strategic importance of the launch: “We are pleased to announce receiving the initial approval to launch Souhoola’s prepaid card, which represents an important strategic milestone in our digital transformation journey. This step is not merely an administrative procedure, but an extension of our vision to empower individuals and enhance financial inclusion in Egypt… 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.”
A collaborative technical infrastructure
The card’s security is powered by Visa technologies, while Modupay provides the technical and operational support required to ensure service continuity.
Modupay, a Cairo-headquartered payment-technology enabler (formerly known as MDP), combines card issuing, payment processing, and digital payment solutions.
Eng. Ahmed Nafea, CEO of Modupay, added: “At Modupay, we are always proud to support and empower fintech companies seeking to expand their payment solutions in line with today’s evolving customer needs. Our partnership with Souhoola in launching this card reflects our commitment to delivering a reliable, flexible, and scalable payment infrastructure that contributes to strengthening financial inclusion and accelerating digital transformation in the Egyptian market.”
Founded in 2019, Souhoola was established to provide technology-driven financial solutions to address the increasing financial challenges faced by citizens.
Mohamed Gamal, chief business officer at Souhoola, stated: “This initial approval marks an important step toward expanding Souhoola’s digital presence and strengthening its reach across the country. 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.”
