Network International, a facilitator of digital commerce in the Middle East and Africa (MEA) region, has partnered with fintech solutions provider, Souhoola, to offer merchants ‘Buy-Now-Pay-Later’ (BNPL) payment options at Network’s networkpay point of sale terminals in Egypt.
The BNPL payment option is being implemented to enhance access to finance for both banked and unbanked consumers in the country.
The collaboration signifies a significant advancement in digital payment solutions, particularly in Egypt, where Network International launched its networkpay service last year. This service, which includes face-to-face, digital, and online payment channels, has already served 2,500 merchants in the region. Meanwhile, Souhoola boasts over 130,000 users and a network of more than 1,600 merchant partners.
Through Souhoola’s BNPL option on networkpay POS devices, customers can conveniently split their payments into flexible instalments of up to 60 months, facilitating purchases ranging from electronics and furniture to automobiles and school fees.
Ahmed Samir, Regional Managing Director for Merchant Services – Egypt at Network International, emphasized the partnership’s dual objective of promoting seamless digital payments and accelerating financial inclusion. He stated, “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.”
Managing Director of Souhoola, Ahmed El-Shanawany, echoed this sentiment, expressing commitment to driving innovation in payment solutions and enhancing financial accessibility for consumers.
Besides this partnership, there has been notable progress in Egypt’s BNPL payment industry, with adoption expected to grow steadily, recording a Compound Annual Growth Rate (CAGR) of 29 percent during 2023-2028. According to a report by Research and Markets, BNPL Gross Merchandise Value (GMV) is anticipated to soar from USD 1.1 billion in 2022 to USD 6.1 billion by 2028.
Source: APO Group
By Derrick Kafui Deti – Digital Economy Magazine
