Souhoola Receives Initial Approval to Issue Its Reloadable Prepaid Card in Partnership with Banque Misr, Visa, and Modupay

WHY THIS MATTERS:
Egypt’s digital finance landscape is evolving rapidly, driven by rising consumer demand for flexible payment options and a national push toward financial inclusion. Sohoula’s initial regulatory approval to launch a reloadable prepaid card signals growing confidence from authorities in non-bank financial institutions expanding into regulated payments infrastructure.

The strategic partnership with Banque Misr, Visa and Modupay highlights a broader shift: fintechs are no longer operating at the edge of the ecosystem — they are embedding directly into core banking and global payment networks. By combining prepaid functionality with installment plans of up to 60 months, Sohoula is effectively blending traditional consumer finance with modern digital payments. This hybrid model could resonate strongly in Egypt, where installment-based purchasing is deeply embedded in consumer behavior and where many customers still seek greater control, transparency and security in managing their finances.

The addition of real-time in-app controls, instant activation and Visa-backed security standards also reflects rising expectations from Egyptian consumers for digital-first financial experiences comparable to global benchmarks.

Sohoula announced that it has received initial approval to launch its new reloadable prepaid card, in a move that reflects the confidence of regulatory authorities in Sohoula and the strength of its financial ecosystem. This step comes as part of a strategic partnership with Banque Misr, Visa, and Modupay as a specialized technical payment partner, to provide safer, smoother, and more flexible payment solutions. The card is designed to serve Sohoula’s existing customers as well as individuals in urban areas across Egypt.

Sohoula’s prepaid card represents a qualitative addition to the digital financial solutions market, aiming to reinforce Sohoula’s position as a trusted and innovative choice while combining full financial control with the flexibility of installment plans of up to 60 months. The product revolves around the message “Your smart and secure card for easy and flexible payments,” offering users instant activation and the highest security standards powered by Visa technologies, along with full technical and operational support from Modupay to ensure operational efficiency and service continuity. The card also provides complete in-app control, allowing users to track balances and transactions in real time.

In this context, Ahmed El-shanwany, Managing Director of Sohoula, stated:

“We are pleased to announce receiving the initial approval to launch Sohoula’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 Sohoula, 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 Sohoula’s exclusive installment services that distinguish it and place it at the forefront of the Egyptian market.”

For his part, Mohamed Gamal, Chief Business Officer at Sohoula, added:

“This initial approval marks an important step toward expanding Sohoula’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 Sohoula’s competitive position.”

Additionally, Eng. Ahmed Nafea, CEO of Modupay, commented:

“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 Sohoula 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.”

It is worth noting that Sohoula is a consumer finance company established in 2019 with the goal of providing technology-driven financial solutions that promote financial inclusion. With the increasing financial challenges faced by citizens, demand for consumer finance solutions and innovative financial services has grown. Sohoula therefore focuses on combining its financial and commercial expertise to develop solutions that help ease these pressures, enabling customers to enjoy a better and more flexible shopping experience.

Modupay is a leading payment-technology enabler in the Middle East and Africa, helping banks, fintech companies, telecom operators, and non-bank financial institutions build, launch, and operate payment products with greater flexibility and control. Formerly known as MDP, Modupay combines card issuing, payment processing, digital payment solutions, and data analytics within one integrated and flexible platform.

With more than 30 years of experience in the payment’s ecosystem, Modupay supports its partners across the entire payment’s lifecycle, from customized card production to transaction processing and digital payment solutions. The company is headquartered in Cairo, Egypt, led by a team of more than 620 employees, and operates in over 40 countries while maintaining close relationships with partners through specialized local teams in key regional markets.

FF NEWS TAKE:
Sohoula’s move is less about launching “another prepaid card” and more about strengthening its position as a full-service digital consumer finance platform.

By layering installment capability onto a reloadable Visa card, Sohoula is turning payments into a distribution channel for its core financing proposition. That’s a smart play in a market where access, flexibility and trust are critical competitive advantages.

The involvement of Banque Misr and Visa adds institutional credibility, while Modupay’s infrastructure ensures operational scalability — a key factor as fintech adoption accelerates across Egypt.

As consumer finance providers increasingly move toward embedded, app-controlled financial ecosystems, Sohoula’s next phase will depend on execution: driving adoption beyond its existing customer base and positioning the card not just as a payment tool, but as an everyday financial companion for Egypt’s growing urban population.