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Since its launch in 2019, Souhoola for Consumer Finance has carved out a distinctive place in Egypt’s fast-growing fintech landscape, positioning itself as a provider of transparent, fast, and innovative financial solutions. Following Banque Misr’s acquisition of a 99% stake in 2021, the company has entered a new phase of accelerated growth and expansion. In an exclusive interview, Ahmed El Shanawany, CEO of Souhoola, outlined the company’s journey, the challenges it has faced, and its ambitious strategy through 2026.

From Startup to Growth Engine

Founded as a subsidiary of EC Capital in 2019, Souhoola emerged at the height of the COVID-19 pandemic, when fintech adoption in Egypt was still at a nascent stage. The turning point came in 2021, when Banque Misr acquired the company, providing both financial strength and market credibility. “We initially chose to grow independently to gain customer trust,” said El Shanawany. “But the support of Banque Misr has been a game changer—accelerating our growth, enhancing our credibility with partners, and enriching our practical expertise.”

Since the acquisition, Souhoola has reshaped its business model, restructured merchant relationships, and steadily increased its capital base from EGP 100 million to 400 million.

Simplifying Access to Finance

Unlike traditional banks, Souhoola’s customer journey is fully digital, requiring only simple data inputs such as mobile number, car ownership, or residential details. “We eliminated the need for paperwork or employment letters,” El Shanawany explained. “Even customers without a credit history can join the system, which helps advance Egypt’s financial inclusion goals.”

Today, Souhoola serves over 274,000 customers, adding between 15,000 and 20,000 new users monthly—a growth rate of 45–50%. Key differentiators, according to El Shanawany, include radical transparency—with customers able to view installment amounts, due dates, and fees upfront—and speed, with auto loan approvals completed in less than 60 minutes.

Product Innovation

In Q4 2025, the company will launch a prepaid card in partnership with Banque Misr and Visa, allowing customers to convert part of their credit limit for flexible use in education, dining, or retail. This move is designed to target small merchants and underserved segments.

Strategy Through 2026

El Shanawany outlined a four-pillar growth plan:

Expanding the customer base by 40%

Increasing financing volumes by 35%

Upgrading infrastructure in partnership with Huawei Cloud

Investing heavily in artificial intelligence for data analytics, customer targeting, and product design

“AI will enable us to better segment our customers and deliver tailored, innovative solutions,” he said, while acknowledging challenges such as limited funding access, high technology costs, and talent shortages, compounded by regional competition for Egyptian expertise.

Managing Risks and Maintaining Trust

While interest rates at Souhoola are higher than those of banks, El Shanawany explained that this reflects higher risk exposure and operational costs. “We don’t ask for guarantees, yet we must borrow from banks to fund our operations. The app runs 24/7 with full infrastructure and staff support—our margin is justified,” he said.

Despite these risks, default rates remain below 4%, managed through structured follow-ups, ranging from calls and home visits to legal action if necessary. Importantly, all operations are Sharia-compliant, based on purchasing goods directly from merchants and offering them to customers on installment.

Looking Ahead

With a rapidly expanding customer base, new fintech products on the horizon, and a clear commitment to AI-driven innovation, Souhoola is positioning itself as a key driver of Egypt’s digital financial transformation.

“Our mission is simple,” El Shanawany concluded. “We want to make people’s lives easier, improve their quality of living, and give them confidence in every financial decision. Trust, transparency, and speed will continue to define Souhoola’s journey.”