Arab Finance: Egypt-based consumer finance company Souhoola has signed a strategic partnership with insurance provider MetLife to extend credit insurance coverage to more than 300,000 existing and new customers, with a total insured value of approximately EGP 7 billion, as per an emailed press release.

Under the agreement, MetLife will provide group insurance coverage against death and permanent total disability, settling customers’ outstanding financing balances with Souhoola in the event of a covered incident, subject to the policy’s terms and conditions.

The partnership forms part of Souhoola’s efforts to integrate insurance protection into its consumer financing services, helping customers manage financial obligations in the event of unforeseen circumstances while mitigating credit risks.

The agreement also complies with Decree No. 28 of 2026 issued by the Financial Regulatory Authority (FRA), which requires consumer finance companies to provide insurance against death and permanent total disability for borrowing customers. The regulation is accompanied by measures facilitating the provision of insurance coverage within the non-banking financial sector.

"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, "Ahmed El-Shanawany, CEO of Souhoola, said.

"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," he added.

For his part, Waleed Abdel-Mohsen, Head of Bancassurance at MetLife, highlighted the role of insurance protection in supporting customers throughout their financing commitments. "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."

Abdel-Mohsen further pointed to the potential for stronger collaboration between insurance providers and consumer finance companies to expand financial protection and develop services that respond to market requirements. "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 coverage will apply to eligible existing and new Souhoola customers throughout their financing periods, in accordance with the policy’s conditions, as the company continues to expand its financial services through partnerships with specialized institutions.