Latest news with #Souhoola
Zawya
27-02-2025
- Business
- Zawya
Souhoola in alignment with Egypt's Vision 2030, partners with Visa to launch a new payment card
Cairo: Souhoola, the leading consumer finance company, signed a cooperation protocol with Visa, a world leader in digital payments, to launch a new prepaid card, issued through Banque Misr. The cooperation protocol was signed by Ahmed Al Shanawany, Managing Director of Souhoola, and Malak El Baba, Vice President and Country Manager of Visa in Egypt. This action is in line with Souhoola's strategy to enhance its role in promoting financial inclusion and offering innovative solutions that contribute to the improvement of the quality of life for Egyptians. It emphasizes providing a distinguished, secure, and seamless shopping experience. This service aligns with Egypt's Vision 2030 by focusing on supporting the local economy, fostering sustainable development, and enabling various economic sectors to grow and thrive. The prepaid card lets customers transfer any credit limit from their Souhoola account to the new card, with flexible installment payment options. This service aims to meet financial needs conveniently, helping customers manage expenses efficiently and make informed financial decisions. The card will launch in 2025. Ahmed Al Shanawany, Managing Director of Souhoola, expressed his pride in collaborating with Visa to launch the new card. He said, 'This partnership reflects our continuous commitment to providing outstanding innovative and effective financial solutions that meet the diverse customer needs and contribute to enhancing their overall experience.' He added, 'At Souhoola, we are committed to offering services that align with our customers' aspirations and evolving needs by adopting the latest technologies and smart solutions. The launch of this card enhances our ability to provide greater financial flexibility to our customers, enabling them to manage their expenses and benefit from our services in a way that simplifies their daily lives and makes their experience with us more distinguished.' Malak El Baba, Vice President and Country Manager of Visa in Egypt, shared her enthusiasm about the partnership, stating, "We are delighted to collaborate with Souhoola on this innovative launch. This partnership underscores our commitment to advancing financial inclusion and providing Egyptians with cutting-edge payment solutions. By leveraging our global expertise in digital payments, we aim to deliver a secure and flexible financial tool that empowers customers to manage their finances more effectively and enhance their overall shopping experience." It is worth noting that Souhoola, a consumer finance company established in 2019, aims to provide innovative, technology-driven financial solutions that enhance financial inclusion and improve the quality of life for Egyptians. Souhoola focuses on integrating its financial and commercial expertise to develop solutions that alleviate the increasing economic challenges faced by many individuals, enabling its customers to enjoy a seamless and distinctive shopping experience. About Visa Inc.: Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at
Zawya
25-02-2025
- Business
- Zawya
Huawei Cloud signs an MOU with BM Consumer Finance to accelerate digital transformation in fintech in Egypt
This collaboration reinforces Huawei Cloud services being a driving force in Egypt's digital transformation journey Cairo, Egypt – Huawei Cloud announced the signing of a Memorandum of Understanding (MOU) with BM Consumer Finance (Souhoola), with the aim of supporting digital payment services through the latest Huawei Cloud services. As part of this strategic partnership, BM Consumer Finance (Souhoola) began leveraging Huawei Cloud services in collaboration with its certified business partner, DO for Information Technology (DOIT). This agreement marks a significant milestone in BM Consumer Finance (Souhoola)'s digital transformation journey, as Huawei Cloud enhances the company's technological capabilities and optimizes its overall performance, while also representing an important step in providing cloud services to companies across the fintech sector, ensuring full compliance with Egyptian laws and regulations. The MOU was signed by Mr. XU Fuqiu JO, CEO of Huawei Cloud Egypt, and Ahmed El-Shanawany, Managing Director of BM Consumer Finance (Souhoola). By employing Huawei Cloud's advanced technologies and leading cloud solutions, Souhoola will be able to enhance the customer experience, streamline operations, and boost financial inclusion across Egypt. Through the development of an integrated digital platform, customers will be able to manage their financial affairs easily and safely. With a shared vision for digital innovation, both companies are poised to lead the rapid transformation of the fintech landscape in Egypt. Mr. XU Fuqiu JO, CEO of Huawei Cloud Egypt, commented, 'Since launching Huawei Cloud services in Egypt, we've been dedicated to empowering businesses in their digital transformation journeys. In today's cloud-driven world, we leverage our advanced cloud solutions to help enterprises achieve significant operational efficiencies. This partnership with Souhoola aims to enhance payment solutions and accelerate digital transformation within the fintech sector. We are committed to being the trusted partner for businesses navigating this dynamic landscape'. Ahmed El-Shanawany, Managing Director of BM Consumer Finance (Souhoola), said, 'We are proud to partner with Huawei Cloud, as this agreement marks a pivotal moment in Souhoola's journey to innovate and expand our financial services across Egypt. By utilizing Huawei's secure and scalable cloud technologies, we are enhancing our ability to provide accessible, efficient financing options to individuals and small businesses. This collaboration will accelerate our digital transformation while playing a vital role in advancing financial inclusion, ensuring that all Egyptians can access the services they need to improve their lives.' Sameh Kandil, CEO of DO for Information Technology (DO IT), said that this partnership represents an important milestone in the fintech sector, marking the company's inaugural venture in this field and laying the foundation for even greater successes. It's also the start of a promising journey in collaboration with BM Consumer Finance (Souhoola) and other industry leaders, driving innovation and growth across the sector. This is all thanks to the effort made by the entire team, particularly the technical team, which made strides in meeting Souhoola's business needs over the course of five months, during which the project's objectives were successfully achieved. The Huawei team also played a huge role in accomplishing this significant achievement, both technically and in meeting the top management's goals with efficiency and professionalism. With this groundbreaking initiative, Huawei Cloud and BM Consumer Finance (Souhoola) are reinforcing their strong commitment to digital innovation and enhancing technological infrastructure in Egypt, paving the way for the prosperity of the fintech sector and opening new horizons for future growth. It is noteworthy that Huawei launched its Cloud Region in Egypt in 2024, becoming the first company to establish a public cloud in the region. The Cairo Region is designed to provide Huawei Cloud's innovative and intelligent capabilities, serving as a strategic hub for countries across Northern Africa.
