Network International, a provider of technology-enabled payments services, has forged a partnership with Egyptian fintech company Souhoola to facilitate Buy-Now-Pay-Later (BNPL) payments through Networkpay point-of-sale terminals, aiming to enhance access to financing for both banked and unbanked consumers in Egypt.
Network International and Souhoola Partner to Enable Buy-Now-Pay-Later Payments
The collaboration between the two entities is expected to capitalize on the burgeoning BNPL payment sector in Egypt, which has witnessed significant growth over the past year.
Research and Markets predict a steady increase in BNPL payment usage in the country, with a compounded annual growth rate of 29 percent anticipated between 2023 and 2028.
Network International introduced Networkpay, its direct-to-merchant service in Egypt last year, providing various channels of payment acceptance including face-to-face, digital, and online payments.
The company reports having served 2,500 merchants in the region, while Souhoola boasts over 130,000 users and a network of more than 1,600 merchant partners.
Networkpay Point-of-Sale Devices
Through Souhoola’s BNPL option integrated into Networkpay point-of-sale devices, customers can now conveniently split their payments into flexible instalments of up to 60 months for a variety of purchases ranging from electronics and furniture to vehicles and school fees.
Ahmed Samir, regional managing director for Merchant Services – Egypt at Network International, expressed optimism about the partnership, highlighting its potential to benefit both retailers and consumers.
He believes that this collaboration will contribute to making Egypt’s payment ecosystem more accessible and dynamic.
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