Network International and Souhoola Propel Egypt Towards a New Era of Payment Innovation

Network International and Souhoola Propel Egypt Towards a New Era of Payment Innovation

By Staff Writer, 05 April 2024

In a strategic move to bolster the "Buy-Now-Pay-Later" (BNPL) landscape in Egypt, Network International has joined forces with the prominent fintech provider Souhoola.

This partnership, unveiled on Thursday (March 4th), aims to revolutionize payment methods by integrating BNPL options into Network International's networkpay point of sale terminals across the country.

The collaboration signifies a major advancement in widening financial access for both banked and unbanked consumers in Egypt.

Last year, Network International launched networkpay, a direct-to-merchant service in Egypt, offering diverse acceptance channels including face-to-face, digital, and online payments.

Presently, networkpay serves 2,500 merchants in the region.

Meanwhile, Souhoola boasts over 130,000 users and a network of more than 1,600 merchant partners.

Utilizing Souhoola's BNPL feature on networkpay POS devices, customers can conveniently split payments into highly flexible installments spanning up to 60 months.

This enables them to purchase a wide array of goods and services, ranging from electronics and furniture to automobiles and school fees.

Ahmed Samir, Regional Managing Director for Merchant Services - Egypt, at Network International, expressed, "By partnering with Souhoola, we’re not just facilitating seamless digital payments, we are also accelerating financial inclusion. This partnership aims to empower merchants and consumers alike and stimulate a more accessible and convenient payment ecosystem in Egypt."

Echoing this sentiment, Ahmed El-Shanawany, Managing Director of Souhoola, affirmed, "Together, we are committed to driving innovation in payment solutions and enhancing financial accessibility for consumers."

The collaboration between Network International and Souhoola holds promise for reshaping the payment landscape in Egypt, fostering greater convenience and inclusivity for consumers and merchants alike.

Source: Nixon Kanali / Africa Business Communities

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