Digital commerce partnership targets merchants and consumers in Egypt

Digital commerce partnership targets merchants and consumers in Egypt

Network International, an enabler of digital commerce across the Middle East and Africa (MEA) region, says it has entered into a strategic partnership with fintech solutions provider Souhoola to enable merchants with the capability to offer buy-now-pay-later (BNPL) payments at its networkpay point-of-sale terminals in Egypt.

Network International launched networkpay, its direct-to-merchant service, in Egypt last year to offer various channels of acceptance including face-to-face payments, digital payments and online payments, serving 2,500 merchants in the region so far. Souhoola has over 130,000 users and a network of more than 1,600 merchant partners.

Using Souhoola’s BNPL option on networkpay POS devices, customers can split their payments into flexible instalments of up to 60 months to purchase electronics, furniture and automobiles – and even to pay school fees.

Ahmed Samir, Regional Managing Director for Merchant Services – Egypt, Network International says: “By partnering with Souhoola, we’re not just facilitating seamless digital payments; we are also accelerating financial inclusion. This partnership aims to empower merchants and consumers alike and stimulate a more accessible and convenient payment ecosystem in Egypt."

Network International points out that the BNPL payment industry has recorded noteworthy progress over the last 12 months in Egypt. BNPL payment adoption is expected to grow steadily, recording a CAGR of 29% during 2023-2028, according to a report by Research and Markets. BNPL gross merchandise value (GMV) is expected to rise from US$1.1 billion in 2022 to US$6.1 billion by 2028.

Network International adds that this partnership with Souhoola aims to spearhead this growth, advance financial inclusion and transform the digital payments landscape in Egypt.