Egypt’s largest bank buys stake in MNT-Halan as valuation reaches $1.4 billion

Egypt’s largest bank has taken an ownership stake in fintech unicorn MNT-Halan, marking a significant shift in the relationship between traditional lenders and digital financial platforms as competition intensifies for Africa’s fast-growing consumer credit market.

• Egypt’s largest bank has become a shareholder in fintech unicorn MNT-Halan.
• The investment values the company at $1.4 billion, up 40% from its unicorn valuation in 2023.
• The deal signals closer ties between traditional lenders and digital finance firms across Africa.
• MNT-Halan plans to use the capital to expand in Egypt and across the Middle East and North Africa.

Al Ahly Capital, the investment arm of the National Bank of Egypt (NBE), led the first closing of a new funding round that valued MNT-Halan at $1.4 billion, up 40% from the $1 billion-plus valuation that made it Egypt’s first fintech unicorn in 2023.

The deal is notable not only for the valuation increase but because it marks the first time a commercial bank has become a shareholder in the company founded by Mounir Nakhla in 2018.

While MNT-Halan has worked with more than 30 banks and financial institutions across Egypt, the National Bank of Egypt’s investment vehicle is the first lender to move from partner to owner.

“I am extremely happy to have Al Ahly Capital, the investment subsidiary of Egypt’s largest bank, as a shareholder in the company. While we have partnered with more than 30 Egyptian banks, this is the first time a banking institution has become an equity partner in our journey, making this a particularly important milestone for us.

“Together, we will redefine access to financial services for small and micro businesses, as well as people living in remote towns and villages across Egypt who have historically been underserved,” Nakhla said in a statement.

Egypt’s banking giants are embracing fintech

The investment highlights how established financial institutions across Africa are increasingly choosing to back fintech firms rather than compete directly with them.

For years, banks viewed digital lenders, payments companies and mobile wallet providers as challengers to their traditional business models.

That dynamic is changing as lenders seek exposure to rapidly growing digital finance markets without building new platforms from scratch.

In Egypt, the shift comes as consumer finance and digital lending continue to expand despite economic turbulence and years of high inflation.

Data from Egypt’s Financial Regulatory Authority shows consumer finance volumes climbed 57% year-on-year to EGP96.3 billion ($1.9 billion) by the end of 2025, while financing to micro, small and medium enterprises and microfinance clients rose 24% to EGP106.9 billion ($2.1 billion).

The growth has helped transform Egypt into one of Africa’s most active fintech markets alongside Nigeria, Kenya and South Africa, attracting local and international investors seeking exposure to underbanked consumers and small businesses.

Building a regional financial powerhouse

MNT-Halan began as a ride-hailing and logistics platform but has evolved into one of the Middle East and Africa’s largest non-bank financial services providers.

The company now offers consumer and business lending, payments, e-wallets, savings, investments and e-commerce financing through its Halan app and an extensive physical distribution network.

According to the company, it has disbursed more than $15.5 billion in financing since launch and serves over 8 million customers globally.

Its regional ambitions accelerated in 2024 when it acquired Advans Pakistan Microfinance Bank and Turkish commercial finance company Tam Finans, expanding its footprint beyond North Africa and the Arab world.

The Turkish acquisition added a commercial finance platform with a loan portfolio of roughly $300 million, while the Pakistan deal provided access to a regulated banking licence focused on micro and small enterprises.

MNT-Halan also entered the United Arab Emirates in late 2024 as it sought to strengthen its presence in the Gulf.

Betting on Egypt’s recovery

The latest investment arrives as Egypt attempts to rebuild investor confidence following sweeping economic reforms, currency liberalisation measures and a multibillion-dollar rescue programme supported by the International Monetary Fund.

The North African country has attracted renewed foreign investor interest since securing major capital inflows, including the landmark Ras El-Hekma development agreement with the UAE.

For MNT-Halan, the timing is significant.

The company raised $157.5 million in 2024 to support international expansion and has previously outlined plans to grow its financing portfolio to between $4.5 billion and $5 billion by the end of 2026.

Industry analysts have also linked the company to potential public listing plans as it scales into a regional financial services group.

The entry of Al Ahly Capital as a shareholder could strengthen that journey by providing access to the balance sheet strength, customer reach and institutional influence of Egypt’s largest banking group.

For the National Bank of Egypt, meanwhile, the investment offers a direct stake in one of the country’s fastest-growing fintech companies at a time when digital financial services are reshaping how millions of Africans borrow, save and make payments.