Banks and Fintech Startups Must Join Forces to Accelerate Financial Inclusion, Says Souhoola CEO
Stronger collaboration between banks and fintech startups is becoming a critical driver for expanding financial inclusion and accelerating digital transformation across Egypt’s financial sector, according to Ahmed El Shanawany, Chief Executive Officer and Managing Director of Souhoola Consumer Finance.
El Shanawany said the future of financial services depends on building strategic partnerships between traditional financial institutions and emerging fintech companies, arguing that both sides possess complementary capabilities that can help deliver more accessible, innovative, and customer-centric financial solutions.
Speaking on the evolving relationship between banks and startups, El Shanawany stressed that cooperation rather than competition is the key to unlocking sustainable growth in the financial ecosystem. He noted that banks bring extensive regulatory expertise, financial strength, and customer trust, while fintech firms contribute innovation, agility, and advanced digital technologies that enable faster and more efficient service delivery.
According to El Shanawany, integrating these strengths can help expand access to financial products and services, particularly among underserved populations and segments that have historically remained outside the formal financial system.
He added that joint initiatives between banks and fintech companies have already begun reshaping the market by simplifying customer onboarding, improving financing accessibility, and creating seamless digital experiences that meet the expectations of a new generation of consumers.
The Souhoola CEO emphasized that Egypt has made significant progress in developing a supportive regulatory framework for digital finance, creating opportunities for financial institutions and technology providers to collaborate in launching innovative products while maintaining consumer protection and market stability.
El Shanawany also highlighted the importance of continued investment in technology infrastructure, data analytics, and digital capabilities to sustain momentum in the sector’s transformation journey.
“Successful financial ecosystems are built on partnerships,” he said, noting that combining the scale and reliability of banks with the innovation and flexibility of fintech startups can generate greater value for customers, businesses, and the broader economy.
About Ahmed El Shanawany
Ahmed El Shanawany serves as Chief Executive Officer and Managing Director of Souhoola Consumer Finance, one of Egypt’s leading consumer finance companies and a subsidiary of Banque Misr. Under his leadership, Souhoola has expanded its financing portfolio, accelerated digital transformation initiatives, and strengthened its position within Egypt’s rapidly growing consumer finance sector. The company has also been actively pursuing new digital financial solutions and payment products as part of its strategy to enhance financial inclusion and support Egypt’s transition toward a cashless economy
“The real opportunity lies in creating integrated financial solutions that leverage the strengths of both banks and fintech innovators to serve customers more effectively and expand financial inclusion across Egypt,” El Shanawy concluded.