Souhoola Wins Initial Approval for New Reloadable Prepaid Card in Egypt

Mohammed Fathy

Last updated 17-02-2026

4 min

Souhoola secured initial approval for a reloadable prepaid card in Egypt.

Partnering Banque Misr, Visa and Modupay signals regulator confidence and digital ambitions.

The card blends prepaid spending control with instalments up to 60 months.

Executives call it “an important strategic milestone” to boost financial inclusion.

Competition is heating up, so execution and user experience will be crucial.

Souhoola has secured initial regulatory approval to roll out its new reloadable prepaid card, marking what the company describes as a key step in its ongoing digital transformation. The move, announced in Cairo on 16 February 2026, comes through a partnership with Banque Misr, Visa, and payment technology firm Modupay.

In simple terms, this is more than just another card launch. It signals confidence from regulators and underlines Souhoola’s ambition to widen access to flexible financial services, especially for customers in urban areas across Egypt who are already using its consumer finance products.

The new card is designed to be reloadable and prepaid, giving users tighter control over spending, no small thing at a time when household budgets are stretched. At the same time, it keeps Souhoola’s hallmark instalment feature, allowing payments to be spread over periods of up to 60 months. That combination of control and flexibility could prove spot on for customers juggling everyday expenses with bigger-ticket purchases.

Ahmed El-Shanwany, Managing Director at Souhoola, described the approval as “an important strategic milestone” in the company’s digital journey. He noted that the step goes beyond administrative formalities, framing it instead as part of a broader push to boost financial inclusion in Egypt. According to him, the card is built to offer security, efficiency, and full spending control, while still giving customers access to Souhoola’s well-known instalment plans.

Mohamed Gamal, the company’s Chief Business Officer, said the approval strengthens Souhoola’s national footprint. He pointed to the card’s wide acceptance network, the ability to load funds easily, withdraw cash, and manage instalments, all backed by Visa’s security technologies and operational support from Modupay. The collaboration, he added, reflects Souhoola’s focus on trusted and secure financial solutions.

From the technology side, Modupay’s Chief Executive, Eng. Ahmed Nafea, highlighted the infrastructure behind the scenes. He said the partnership demonstrates the firm’s commitment to providing scalable and reliable payment systems that help accelerate digital transformation. Modupay, formerly known as MDP, brings together card issuing, processing, digital payments and analytics under one integrated platform. With more than 30 years in the payments ecosytem, over 620 employees, and operations in more than 40 countries, it’s not exactly new to the game.

I’ve seen, over the years, how instalment culture in Egypt has shifted from being a bit niche to almost mainstream. At Arageek, we often hear from founders trying to solve everyday cash-flow headaches for consumers. A product that blends prepaid discipline with long-term instalments feels like an attempt to square that circle, and believe it or not, that’s no easy feat.

Souhoola itself was established in 2019 as a tech-driven consumer finance company. With rising living costs, demand for flexible credit and smarter payment tools has definately grown. The company says it aims to ease financial pressure by combining commercial know-how with digital tools, helping customers manage spending without it turning into a bit of a faff.

On the flip side, prepaid cards are not new in Egypt’s fintech scene, and competition is heating up. That said, tying the product directly to instalment plans of up to five years could help Souhoola stand out in a crowded market. I reckon execution will be everything here, user experience, app reliability, and customer support can make or break these offerings… you know?

For now, the initial approval is a green light, but the real test will come when the card moves from announcement to everyday use. If Souhoola manages to deliver on the promise of security, flexibility and full digital control, it may just strengthen its position in Egypt’s fast-evolving consumer finance space.

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