BUSINESSNews

Network International partners with Souhoola to boost BNPL in Egypt


Network International has partnered with leading fintech provider Souhoola to boost Buy-Now-Pay-Later’ (BNPL) payments in Egypt.

The partnership, announced on Thursday will enable merchants to offer BNPL payments at Network International’s networkpay point of sale terminals in the country.

This collaboration marks a significant leap forward in enhancing access to finance for both banked and unbanked consumers in Egypt.

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 payments, serving 2,500 merchants in the region so far, while Souhoola has over 130,000 users and a network of more than 1,600 merchant partners. Using Souhoola’s BNPL option on networkpay POS devices, customers can conveniently split their payments into highly flexible instalments of up to 60 months to purchase electronics, furniture, automobiles, and even pay school fees.

“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.” Ahmed Samir, Regional Managing Director for Merchant Services – Egypt, Network International said.

Ahmed El- Shanawany, Managing Director, Souhoola, said, “Together, we are committed to driving innovation in payment solutions and enhancing financial accessibility for consumers.”

Incentivized 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, recording a CAGR of 29 percent during 2023-2028, according to a report by Research and Markets, and BNPL Gross Merchandise Value (GMV) expected to reach USD from USD 1.1 billion in 2022 to 6.1 billion by 2028.

This partnership between Network International and Souhoola aims to spearhead this growth, advance financial inclusion and transform the digital payments landscape in Egypt.

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