Consumer finance company Souhoola has secured the first regulatory approval to issue reloadable prepaid cards in partnership with state-owned Banque Misr, US-based payments technology company Visa, and Cairo-based payments technology provider Modupay, according to a press release sent via email.
This approval allows Souhoola to proceed with issuing cards to existing customers as well as individuals in urban areas across Egypt.
This initiative is part of a partnership framework that brings together bank issuers, card networks and technical payment providers.
Under the arrangement, Banque Misr will act as the issuing bank, Visa will provide the card network and related technology, and Modupay will act as the technical payments partner, covering card issuance, processing and operational support.
Reloadable prepaid cards offer payment facilities along with installment plans of up to 60 months.
The card features instant activation and allows users to track balances and transactions in real-time through a dedicated application.
Modupay provides the technical and operational infrastructure necessary for continued service provision.
Founded in 2019, Souhoola provides technology-based consumer finance solutions with a focus on supporting financial inclusion.
The company develops financial products aimed at helping customers manage their purchasing needs through digital payment options.
Modupay, formerly known as MDP, works with banks, financial technology companies, carriers and non-bank financial institutions across the Middle East and Africa.
The company provides card issuance, payment processing, digital payment solutions, and data analytics through an integrated platform.
Modupay has over 30 years of experience in the payments sector, has over 620 employees and operates in over 40 countries through local teams in key markets.
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