• Home
• Fin tech

Souhoola announced that it has obtained initial approval to launch its new prepaid, reloadable card, marking a significant milestone in its digital transformation journey. The launch comes as part of a strategic partnership with Banque Misr, Visa, and Modupay, a leading payments technology provider, to offer secure, flexible, and seamless payment solutions to Suhoola’s customers across Egypt.

The Souhoola Prepaid Card is designed to provide customers with full control over their spending while enjoying the card’s flexibility, including installment plans of up to 60 months. Leveraging Visa’s security technologies and Modupay’s technical and operational support, users can activate the card instantly and manage their balance and transactions in real-time through the Suhoola app.

Ahmed El-Shennawy, Managing Director of Suhoola, said:
"We are delighted to receive initial approval for the Suhoola Prepaid Card, which represents a strategic milestone in our digital transformation journey. This card empowers individuals, promotes financial inclusion in Egypt, and offers innovative features that provide full control and flexibility in managing finances."

Mohamed Gamal, Head of Business at Suhoola, added:
"This initial approval enables Suhoola to expand its digital presence nationwide. Customers will enjoy a comprehensive financial experience, combining security, broad acceptance, and flexible services, including easy fund addition, cash withdrawal, and installment payments of up to 60 months. Our partnership with Banque Misr, Visa, and Modupay underscores our commitment to reliable and secure financial solutions."

Ahmed Nafea, CEO of Modupay, commented:
"At Modupay, we take pride in supporting fintech companies that aim to expand their payment solutions. Our collaboration with Suhoola in launching this prepaid card reflects our commitment to providing a flexible, scalable, and reliable payment infrastructure that enhances financial inclusion and accelerates digital transformation in Egypt."

Founded in 2019, Souhoola provides technology-driven consumer finance solutions to promote financial inclusion. Modupay, formerly known as MDP, enables banks, fintechs, telecoms, and non-banking financial institutions across the Middle East and Africa to issue and manage digital payments efficiently, covering the entire payment lifecycle with over 30 years of experience, operating in more than 40 countries with a workforce of 620 employees.