Souhoola Partners with MetLife to Provide Insurance Coverage Worth EGP 7 Billion
Souhoola, a company specializing in consumer finance solutions, has announced a strategic partnership with MetLife to provide insurance coverage for its existing and new customers, as part of its efforts to enhance customer protection and develop integrated financing solutions.
The partnership covers a portfolio of more than 300,000 customers, with a total insured value of approximately EGP 7 billion, expanding the scope of insurance protection available throughout customers' financing commitments.
MetLife to Provide Coverage Against Death and Permanent Total Disability
Under the agreement, MetLife will provide credit insurance coverage through a group insurance policy covering cases of death and permanent total disability. In the event of a covered condition, MetLife will settle the outstanding financing balance owed by the customer to Souhoola, in accordance with the policy's terms and conditions.
The coverage extends to both existing and new Souhoola customers, helping reduce the financial impact of unforeseen circumstances and providing additional protection throughout their repayment periods.
Souhoola: Partnership Enhances Customer Experience and Expands Services
Ahmed El-Shanawany, CEO of Souhoola, said the company continuously works to develop its services in line with customers' needs and the evolving consumer finance market, noting that the partnership with MetLife represents an extension of this vision.
He explained that integrating insurance coverage into the company's service ecosystem adds a new dimension to the customer experience by providing additional protection during financing periods.
El-Shanawany added that Souhoola believes in building partnerships with institutions that have specialized expertise in sectors aligned with its services. Such collaborations enable the company to expand its range of solutions, develop more flexible services that respond to market needs, and maintain a seamless financing experience while mitigating credit risks.
MetLife: Collaboration Supports Integrated Insurance Solutions
Waleed Abdel-Mohsen, Head of Bancassurance at MetLife, said the partnership with Souhoola represents an important step toward providing insurance solutions that address the evolving needs of customers in the financing market and offer greater stability throughout their financial commitments.
He added that integrating insurance protection with financing solutions contributes to a more comprehensive customer experience, particularly when customers face unforeseen circumstances.
Abdel-Mohsen also highlighted the importance of collaboration between the insurance and financing sectors in advancing non-banking financial services and developing more flexible solutions that respond to market dynamics. He reaffirmed MetLife's commitment to working with its partners to deliver tangible value to customers and support market growth.
Partnership Aligns with FRA Regulations on Consumer Finance Insurance
The partnership comes in line with Decree No. 28 of 2026 issued by the Financial Regulatory Authority (FRA), which requires consumer finance companies to provide insurance coverage against the risks of death and permanent total disability for borrowing clients, alongside the related facilities for extending insurance coverage to consumer finance customers.
This step reflects the growing integration between the financing and insurance sectors within Egypt's non-banking financial services ecosystem, supporting broader customer protection and greater stability in financing transactions.
Through this partnership, Souhoola continues to develop its services and strengthen cooperation with specialized financial institutions, reinforcing its commitment to providing integrated financing solutions that address customer needs and keep pace with developments in the non-banking financial sector.