Africa Digest News

Souhoola has obtained initial regulatory approval from Egyptian authorities to launch a reloadable prepaid card developed in partnership with Banque Misr (issuing bank), Visa (global payment network), and Modupay (transaction processing and technology provider).

This product, expected to receive final clearance in the coming months, combines standard prepaid functionality with Souhoola’s established instalment financing capabilities.

The hybrid card targets both existing Souhoola customers and new users in Egypt’s major urban centres.

It enables instant activation, real-time balance and transaction monitoring through the Souhoola mobile application, Visa-backed security, global acceptance, cash withdrawals at ATMs, and merchant purchases while simultaneously granting access to instalment plans with repayment terms of up to 60 months.

This approval reflects our commitment to expanding financial inclusion across Egypt. The card aligns with our vision of delivering accessible, secure, and technology-driven financial services essential in Egypt’s digitising economy

Ahmed El-Shanwany, Managing Director of Souhoola

Core Distinction from Traditional Prepaid Cards

Conventional reloadable prepaid cards function primarily as stored-value instruments: users load funds in advance, spend within the available balance, and reload as needed.

These products offer convenience, controlled spending, and wide acceptance but lack built-in credit features.

Souhoola’s hybrid card introduces a fundamentally different proposition by embedding consumer credit capabilities directly into the prepaid structure.

Key differentiating features include:

• Integrated Instalment Financing — Cardholders can finance larger purchases through Souhoola’s flexible instalment plans (up to 60 months), effectively converting qualifying transactions into structured credit without requiring a separate loan application or credit card.
• Dual Spending Modes—Users manage daily spending from the prepaid balance while accessing credit for higher-value or planned purchases, providing a single card solution for both immediate and deferred payments.
• Seamless Mobile Integration — The Souhoola app delivers real-time visibility into both prepaid balance and active instalment obligations, enabling precise financial control and decision-making.
• Credit Access Without Traditional Credit Card Infrastructure — The product extends instalment financing to users who may not qualify for or prefer a conventional credit card, broadening access in Egypt’s underbanked and emerging middle-class segments.

This hybrid design bridges the gap between prepaid convenience and credit flexibility, creating a new category of financial product tailored to Egypt’s evolving consumer finance landscape.

READ ALSO:

Partnership Structure and Infrastructure

The collaboration ensures robust, compliant delivery:

• Banque Misr serves as the issuing bank, providing regulatory oversight and banking infrastructure.
• Visa supplies the global payment network, enabling acceptance at millions of merchants and ATMs worldwide.
• Modupay delivers backend transaction processing, real-time authorisation, and technology integration.

This consortium combines established banking credentials, international payment acceptance, and modern payment processing capabilities to support high-volume, secure usage.

Mohamed Gamal, Chief Business Officer of Souhoola, noted that the partnership strengthens the company’s position in Egypt’s consumer finance sector.

Ahmed Nafea, CEO of Modupay, added that the infrastructure supports Modupay’s objective of accelerating digital transformation in financial services.

Implications for Financial Inclusion and Market Positioning

The hybrid card addresses several structural realities in Egypt:

• Many consumers require flexible payment options for essential and aspirational purchases but face barriers to traditional credit.
• Digital wallets and mobile money have gained significant traction, yet most lack integrated credit features.
• Instalment financing has proven effective in expanding access to goods and services, particularly among younger urban users.

By combining prepaid discipline with credit flexibility, Souhoola’s card offers a practical solution that promotes responsible spending while enabling larger transactions.

Upon final regulatory clearance and launch, the product is expected to enhance financial inclusion, improve consumer empowerment, and position Souhoola as an innovator in Egypt’s digitising payments and consumer finance ecosystem.

Looking Ahead

Souhoola’s hybrid prepaid card stands apart from traditional prepaid products through its seamless integration of reloadable stored value with long-term instalment financing (up to 60 months).

This combination, supported by Banque Misr, Visa, and Modupay, enables users to manage daily spending from a prepaid balance while accessing structured credit for larger purchases, all within a single, app-monitored instrument.

The product addresses key needs in Egypt’s evolving financial landscape, broadening access to flexible payment solutions and reinforcing Souhoola’s role in advancing consumer finance innovation.

Final regulatory clearance remains pending; upon approval, the card is poised to introduce a differentiated category in Egypt’s payments market.

For the latest updates, refer to official announcements from Souhoola, Banque Misr, or the Financial Regulatory Authority of Egypt.

Souhoola Overview

Souhoola is a licensed consumer finance company operating in Egypt, offering instalment-based purchasing solutions for retail customers.

Souhoola Egypt enables shoppers to buy products and pay over time through structured instalment plans, making it a popular option for electronics, appliances, furniture, and other consumer goods.

For customer support, the Souhoola hotline is available through the company’s official contact centre, where clients can enquire about instalment plans, account details, or payment schedules.

Customers can also access their accounts through the Souhoola login portal or the Souhoola app, which allows users to track instalments, view balances, and manage payments digitally.

Those interested in employment can explore Souhoola vacancies via the company’s official website or professional recruitment platforms, where roles are typically listed in finance, sales, risk management, and customer service.

Souhoola branches are strategically located across major Egyptian cities, enabling in-person application processing and customer support.

The company partners with a wide network of retail merchants to facilitate Souhoola online shopping, allowing customers to complete purchases on approved e-commerce platforms and convert them into instalment plans.

Additionally, Souhoola offers frequently include promotional instalment terms, zero-interest campaigns with select merchants, and seasonal financing deals, especially during peak shopping periods.

Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.