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One of Egypt’s Largest Lenders to the Unbanked Plans to Grow

Egypt’s MNT-Halan is considering expanding to three new countries after raising $120m from investors in September. The fintech company hopes to enter at least one new country in the first quarter of 2022 under a plan which will need a presence on the ground, CEO Mounir Nakhla says in Cairo. He declined to name the countries being considered. MNT-Halan claims to be Egypt’s largest lender to the unbanked. It has about 1 million monthly active users and has disbursed $1.7bn in loans to date. In September, the company completed the raising of about $120m from investors including Apis Growth Fund II, Development Partners International, and Lorax Capital Partners.SOURCE: THE AFRICA REPORT