With initial approval now secured to launch its reloadable prepaid card, Souhoola is strengthening its footprint in Egypt’s digital finance landscape. The initiative, developed in collaboration with Banque Misr, Visa and Modupay, highlights a coordinated effort between banking institutions, global payment technology and fintech infrastructure to deliver safer and more flexible financial services. The move demonstrates regulatory trust in Souhoola’s operations and underlines its long-term commitment to empowering customers through secure spending tools that combine prepaid convenience with installment flexibility of up to 60 months.
The new prepaid card is designed to serve Souhoola’s existing customers as well as individuals in urban areas across Egypt. It is positioned as a practical solution that offers instant activation, wide acceptance and advanced security standards powered by Visa technologies. Customers will also have full in-app control, allowing them to track balances and transactions in real time.
Ahmed El-Shanwany, Managing Director of Souhoola, described the approval as a defining moment in the company’s journey. “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. At Souhoola, we believe modern financial solutions must be accessible, secure and efficient. 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 that distinguish it and place it at the forefront of the Egyptian market.”
By combining a reloadable prepaid structure with installment plans of up to five years, Souhoola is offering customers both control and flexibility. Users will be able to add funds, withdraw cash and make purchases while benefiting from structured repayment options. The card’s central message, “Your smart and secure card for easy and flexible payments,” reflects this balance between accessibility and financial discipline.
A Strategic Partnership to Strengthen the Digital Ecosystem
The collaboration behind the card brings together complementary strengths. Banque Misr provides banking expertise and institutional backing. Visa contributes global acceptance and high-level security technologies. Modupay acts as the specialized technical payment partner, ensuring operational efficiency, infrastructure support and service continuity.
Mohamed Gamal, Chief Business Officer at Souhoola, said the approval marks an important stage in expanding the company’s digital reach across the country.
“This initial approval marks an important step toward expanding Souhoola’s digital presence and strengthening its reach across the country. We provide our customers with an integrated financial experience that combines superior security, wide acceptance and high flexibility, enabling them to easily add funds, withdraw cash and pay in installments for up to 60 months. 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.”
Eng. Ahmed Nafea, CEO of Modupay, highlighted the broader significance of the partnership for Egypt’s fintech sector.
“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.”
Responding to Growing Demand for Consumer Finance
Souhoola was established in 2019 as a consumer finance company focused on technology-driven financial solutions that promote inclusion. In recent years, many citizens have faced rising financial pressures, increasing the demand for consumer finance products that are transparent, flexible and easy to use.
The prepaid card builds on Souhoola’s strategy of combining financial and commercial expertise to ease these pressures. It allows customers to manage everyday spending while maintaining access to installment services that can extend up to 60 months. This structure supports both immediate purchasing needs and longer-term financial planning.
Modupay, formerly known as MDP, brings more than 30 years of experience in the payments ecosystem. Headquartered in Cairo, the company employs over 620 professionals and operates in more than 40 countries. It supports banks, fintech companies, telecom operators and non-bank financial institutions by offering card issuing, payment processing, digital payment solutions and data analytics through one integrated and flexible platform.
By securing initial regulatory approval and aligning with established partners, Souhoola is reinforcing its position as a trusted and innovative player in Egypt’s digital finance sector. The launch of the reloadable prepaid card reflects a clear response to market demand and a commitment to strengthening financial inclusion through secure, efficient and customer-focused solutions.
