Souhoola, Banque Misr, Visa, and Modupay Secure Initial Approval for Reloadable Prepaid Card in Egypt
CAIRO, Egypt – February 17, 2026
Souhoola announced it received initial regulatory approval to launch a reloadable prepaid card in partnership with Banque Misr, Visa, and Modupay. The card enables digital payments, instant activation, and installment plans up to 60 months, targeting existing customers and urban Egyptians. This development advances Souhoola’s digital ecosystem amid rising demand for flexible consumer finance solutions.
Overview
The Visa-powered prepaid card offers full in-app control for real-time balance tracking, cash withdrawal functionality, and access to installment plans extending to 60 months. Users can add funds digitally with Modupay providing operational infrastructure. No specific launch timeline or transaction volume targets were disclosed. The initial rollout will cover urban areas across Egypt.
Stakeholder Perspective
“We are pleased to announce receiving the initial approval to launch Souhoola’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 Souhoola, 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 Souhoola’s exclusive installment services that distinguish it and place it at the forefront of the Egyptian market.”
— Ahmed El-Shanwany, Managing Director at Souhoola
Why it matters: The statement underscores Souhoola’s strategic pivot from traditional consumer lending to embedded finance, integrating payments with installment services for broader market penetration.
“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 Souhoola 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.”
— Eng. Ahmed Nafea, CEO at Modupay
Why it matters: Modupay’s infrastructure role highlights the growing importance of payment enablers in MENA’s fintech expansion.
Industry Context
Egypt’s fintech sector is experiencing accelerated growth driven by government financial inclusion initiatives targeting the country’s unbanked population. Prepaid cards have emerged as a critical tool for expanding digital payment access. Similar partnerships, including Mastercard’s collaboration with Money Fellows, signal intensifying competition in Egypt’s digital finance landscape. Souhoola, founded in 2019, focuses on technology-driven consumer finance solutions.
The development bolsters Egypt’s position as a regional fintech hub, though operations remain Egypt-centric with no immediate cross-border expansion indicated.
Conclusion
The prepaid card positions Souhoola for expanded digital market presence while advancing Egypt’s financial inclusion objectives. Next steps include securing final regulatory approval and executing the full commercial launch across Egyptian urban centers.
Sources: Zawya, Tech African News
