Al Ahly Capital, the investment branch of the National Bank of Egypt (NBE), has successfully led a significant funding round which has raised MNT-Halan’s valuation to $1.4 billion. This marks a 40% increase from the previous valuation of over $1 billion, confirming MNT-Halan’s status as Egypt’s first fintech unicorn in 2023.
The Significance of the Investment
This investment is particularly noteworthy not only due to the valuation jump but also because it is the first time a commercial bank has taken an equity stake in MNT-Halan, a company established by Mounir Nakhla in 2018. While MNT-Halan has historically collaborated with more than 30 banks and financial institutions in Egypt, NBE’s subsidiary is the first lender to transition from a partner to an owner. Nakhla expressed his enthusiasm, stating, “I am extremely happy to welcome Al Ahly Capital, the investment arm of Egypt’s largest bank, as a shareholder in our journey.”
Redefining Financial Access
Nakhla emphasized that this partnership could redefine financial service access for small and micro enterprises, as well as people in less accessible areas of Egypt who have long been underserved. The financial landscape is evolving, with established banking institutions across Africa increasingly choosing to invest in fintech companies instead of viewing them merely as competition. This shift signifies a growing recognition of the value of digital financial services in meeting the needs of a modern economy.
Fintech Growth in Egypt
In Egypt, the digital finance sector is witnessing remarkable growth despite economic challenges, such as high inflation. Recent data from the Financial Regulatory Authority indicates a 57% year-on-year increase in consumer finance volumes, reaching EGP 96.3 billion (about $1.9 billion) by the end of 2025. Additionally, financing for micro, small, and medium enterprises grew by 24%, totaling EGP 106.9 billion (approximately $2.1 billion). This impressive growth underscores Egypt’s position as one of Africa’s most vibrant fintech markets, alongside Nigeria, Kenya, and South Africa.
Aiming for Regional Expansion
Originally starting as a ride-hailing and logistics platform, MNT-Halan has rapidly transformed into one of the leading non-bank financial services providers in the Middle East and Africa. The company now offers various financial services, including consumer and business loans, payments, savings, and e-commerce financing through its Halan app. It has disbursed over $15.5 billion in financing and serves more than 8 million customers globally. Its regional aspirations intensified in 2024 with the acquisition of Advans Pakistan Microfinance Bank and a commercial finance company in Turkey, facilitating its entry into new markets.
As Egypt strives to restore investor confidence following sweeping economic reforms and currency liberalization, the timely investment from Al Ahly Capital presents MNT-Halan with both new opportunities and challenges. With a financing portfolio expected to reach between $4.5 billion and $5 billion by 2026, MNT-Halan is well-positioned for continued growth. Additionally, industry analysts have speculated about possible public listing plans as MNT-Halan evolves into a significant player in the regional financial services landscape.
The strategic partnership between MNT-Halan and Al Ahly Capital could pave the way for transformative changes in Egypt’s fintech industry, enhancing the overall financial ecosystem and addressing the needs of underserved communities throughout the region.