Souhoola and Network International collaborate on BNPL services in Egypt.

Through a strategic partnership with top fintech solutions provider Souhoola, Network International (Network) (www.Network.global/), the region's leading enabler of digital commerce, will be able to offer "Buy-Now-Pay-Later" (BNPL) payments to merchants at its networkpay point of sale terminals in Egypt.

Madilyn Swift

April 04, 2024

1Min Read

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Banking

With this partnership, consumers in Egypt who are banked and those who are not would have much easier access to financing.

While Souhoola boasts over 130,000 users and a network of over 1,600 merchant partners, Network International launched networkpay, its direct-to-merchant service, in Egypt last year to offer a variety of channels of acceptance including face-to-face payments, digital payments, and online payments. To date, the service has served 2,500 merchants in the region. Customers can easily divide their payments into extremely flexible installments of up to 60 months to pay for gadgets, furniture, cars, and even school tuition by using Souhoola's BNPL option on networkpay POS machines.

"We're not just facilitating seamless digital payments, we're also accelerating financial inclusion by partnering with Souhoola," stated Ahmed Samir, Regional Managing Director for Merchant Services - Egypt, Network International. 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."

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

Encouraged by rising consumption, Egypt's BNPL payment sector has made significant strides in the past 12 months. According to a Research and Markets analysis, the adoption of BNPL payments is anticipated to increase gradually, with a compound annual growth rate (CAGR) of 29% from 2023 to 2028. Additionally, the BNPL Gross Merchandise Value (GMV) is anticipated to increase from USD 1.1 billion in 2022 to USD 6.1 billion by 2028. The goal of this collaboration between Souhoola and Network International is to drive this expansion, promote financial inclusion, and revolutionize Egypt's digital payments market.