Egypt has taken its next leap forward in enhancing access to finance for both banked and unbanked consumers in Egypt. It has been able to achieve this following a partnership between Network International, the digital commerce enabler across the Middle East and Africa (MEA), and Souhoola, the fintech solutions provider, in turn enabling merchants to offer buy-now-pay-later (BNPL) payments at networkpay point of sale terminals.
Network International launched networkpay, it’s direct-to-merchant service in Egypt last year to offer various channels of acceptance including face-to-face payments, digital payments and online payment. It serves 2,500 merchants in the region. Meanwhile, Souhoola has over 130,000 users and a network of more than 1,600 merchant partners.
Ahmed Samir, regional managing director for merchant services – Egypt, Network International said: “By partnering with Souhoola, we’re facilitating seamless digital payments. Furthermore, 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.”
Using Souhoola’s BNPL option on networkpay POS devices, customers can conveniently split their payments into highly flexible instalments of up to 60 months. In doing so, they can purchase electronics, furniture, automobiles, and even pay school fees.
Incentivised by increased consumption, the BNPL payment industry has recorded noteworthy progress over the last 12 months in Egypt. BNPL payment adoption is expected to grow steadily. It reecorded a CAGR of 29 per cent during 2023-2028, according to a report by Research and Markets. Additionally, BNPL Gross Merchandise Value (GMV) is expected to reach USD from $1.1billion in 2022 to $6.1billion by 2028.
This partnership between Network International and Souhoola aims to spearhead this growth. In turn, it will advance financial inclusion and transform the digital payments landscape in Egypt.
Ahmed El- Shanawany, managing director, Souhoola, said: “Together, we are committed to driving innovation in payment solutions. We want to enhance financial accessibility for consumers.”
