Souhoola, a company specialized in consumer finance solutions, announced a strategic partnership with MetLife to provide insurance coverage for both existing and new Souhoola customers. This comes as part of the company’s strategy to develop integrated financing solutions that enhance customer protection throughout their financing commitments.

The partnership encompasses a portfolio exceeding 300,000 customers with a total insurance value of roughly EGP 7 billion, expanding the scope of insurance protection within Souhoola's financing experience.

Under the agreement, MetLife will provide credit insurance coverage through a group insurance policy that covers cases of death and total disability. In the event of any covered condition, MetLife will settle the outstanding balance of the customer's financing with Souhoola, in accordance with the terms and conditions governing the policy.

This partnership reflects Souhoola’s approach toward expanding the range of solutions and services offered to clients by integrating insurance protection into consumer finance solutions. This helps mitigate the impact of unexpected circumstances on customers and their financial commitments, enhancing the overall integration of the financing experience provided by the company.

Furthermore, the partnership comes in line with Decree No. 28 of 2026 issued by the Financial Regulatory Authority (FRA), which mandates consumer finance companies to provide insurance coverage against the risks of death and permanent total disability for borrowing clients. It also aligns with the associated facilities for providing insurance coverage to consumer finance clients, supporting the implementation of insurance solutions within the non-banking financial services ecosystem.

Ahmed El-Shanawany, CEO of Souhoola, stated: "At Souhoola, we continuously work on developing our services to match our customers' needs and the developments in the consumer finance market. Our partnership with MetLife is an extension of this vision. By offering insurance coverage within our service ecosystem, we add a new dimension to the customer experience and provide them with additional protection during their repayment period."

He added: "We believe in the importance of building partnerships with institutions that possess specialized expertise in sectors aligned with our services, enabling us to expand the scope of solutions offered to our clients. We look forward to continuing to develop more flexible services that respond to market needs, while maintaining our focus on delivering a seamless and convenient financing experience for customers and mitigating credit risks."

For his part, Waleed Abdel-Mohsen, Head of Bancassurance at MetLife, said: "Our partnership with Souhoola marks an important step toward providing insurance solutions that keep pace with the evolving needs of customers in the financing market, giving them greater stability during their obligation period. We believe that providing insurance protection alongside financing solutions contributes to a more integrated customer experience, especially when facing unforeseen circumstances."

He added: "This partnership underscores the importance of collaboration between the insurance and financing sectors in developing non-banking financial services and opening doors for more flexible solutions tailored to market dynamics. At MetLife, we continue to work with our partners to build collaboration models that create tangible value for clients and support market growth."

The insurance coverage includes both existing and new Souhoola customers, subject to the terms and conditions governing the policy, thereby expanding the protective scope provided to clients during their financing terms.

Through this partnership, Souhoola continues to refine its services and strengthen cooperation with specialized financial sector institutions, advancing the delivery of integrated financing solutions and staying aligned with customer demands and developments across the non-banking financial sector.