Consumer finance company Souhoola has received initial regulatory approval to issue a reloadable prepaid card, in partnership with state-owned Banque Misr, US-based payments technology company Visa, and Cairo-headquartered payments technology provider Modupay, as per an emailed press release.

The approval allows Souhoola to proceed with launching the card for its existing customers as well as individuals in urban areas across Egypt.

The initiative is part of a partnership framework that brings together a banking issuer, a card network, and a technical payments provider.

Under the arrangement, Banque Misr will act as the issuing bank, Visa will provide the card network and related technologies, and Modupay will serve as the technical payment partner, covering card issuing, processing, and operational support.

The reloadable prepaid card offers payment functionality alongside installment plans of up to 60 months.

The card features instant activation and enables users to track balances and transactions in real time through a dedicated application.

Modupay provides the technical and operational infrastructure required for ongoing service delivery.

Founded in 2019, Souhoola provides technology-based consumer finance solutions focused on supporting financial inclusion.

The company develops financing products aimed at helping customers manage purchasing needs through digital payment options.

Modupay, formerly known as MDP, works with banks, financial technology companies, telecom operators, and non-bank financial institutions across the Middle East and Africa.

The company offers card issuing, payment processing, digital payment solutions, and data analytics through an integrated platform.

Modupay has more than 30 years of experience in the payments sector, employs over 620 people, and operates in more than 40 countries through local teams in key markets.

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