BNPL Payments Are Made Possible at Networkpay POS Terminals in Egypt by Network International and Souhoola

Egypt has made significant progress in improving financial accessibility for its banked and unbanked citizens alike. This has been made possible by a collaboration between Souhoola, a fintech solutions provider, and Network International, which enables merchants to offer buy-now-pay-later (BNPL) payments at networkpay point of sale terminals. Network International is the Middle East and Africa's (MEA) leading digital commerce enabler.

Maurine Lind

April 05, 2024

1Min Read

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Payments

Last year, Network International introduced networkpay, a direct-to-merchant solution that offers a variety of acceptance channels, such as in-person, digital, and internet payments. It provides services to 2,500 local merchants. In the meantime, Souhoola boasts a network of more than 1,600 merchant partners and over 130,000 users.

Network International's Ahmed Samir, regional managing director for merchant services - Egypt, stated: "We're enabling seamless digital payments by partnering with Souhoola." We are also speeding up financial inclusion, in addition. The goal of this collaboration is to strengthen the position of both consumers and businesses while promoting an easier-to-use payment ecosystem in Egypt.

Customers can effortlessly divide their payments into extremely flexible instalments of up to 60 months by using Souhoola's BNPL option on networkpay POS devices. They can use this money to pay for furniture, cars, electronics, and even school fees.

Encouraged by rising consumption, Egypt's BNPL payment sector has made significant strides in the past 12 months. The use of BNPL payments is anticipated to increase gradually. In 2023–2028, it recorded a compound annual growth rate (CAGR) of 29%, according a Research and Markets analysis. Furthermore, it is anticipated that the BNPL Gross Merchandise Value (GMV) will increase from $1.1 billion in 2022 to $6.1 billion in 2028.

The goal of Network International and Souhoola's relationship is to drive this expansion. As a result, it will promote financial inclusion and change Egypt's digital payment environment.

Managing director of Souhoola Ahmed El- Shanawany stated: "Together, we are committed to promoting innovation in