Egyptian fintech company MNT‑Halan has set its sights on growing operations in the Gulf Cooperation Council (GCC) region, particularly in the United Arab Emirates and Saudi Arabia. The company wants to serve low‑income and underserved populations, using recent partnerships and new product launches to deepen its financial inclusion mission. (AGBI) AGBI
From Digital Payments to Auto‑Loans
MNT‑Halan originally made its name by offering digital payments in Egypt, focused on customers who lacked access to traditional banking services. It began with mobile wallets and card services, then broadened into money lending, ecommerce, and payroll advances. (AGBI) AGBI
In the UAE, the fintech has introduced an auto‑loan product for used cars. This is a soft launch aimed at filling a gap in financing options for lower‑income consumers who often face difficulty accessing credit. (AGBI) AGBI
To strengthen its credit risk capabilities, MNT‑Halan recently partnered with Lean Technologies. That collaboration is intended to improve how the company assesses creditworthiness in new markets, allowing more lending with manageable risk. (AGBI) AGBI
GCC Ambitions and Market Dynamics
Omar Ramadan, CEO of MNT‑Halan GCC, is confident that opportunities exist, particularly in Saudi Arabia. He believes that, although the GCC is already home to numerous fintechs, banks, and finance companies, there is space for innovation especially in under‑served segments. (AGBI) AGBI
Saudi regulators are observed as progressive in building digital infrastructure, which makes the market more appealing for companies like MNT‑Halan that specialize in digital inclusion. (AGBI) AGBI
Scale and Track Record
MNT‑Halan became a unicorn in 2023 (startup valued at over $1 billion), demonstrating strong investor confidence. (AGBI) AGBI
In its UAE business, which has been running for about 18 months, the company reports having served approximately 1.5 million customers in payments and 220,000 in lending. It also entered a partnership with Al Ansari, a UAE‑based exchange company, to offer salary advances to employed people. (AGBI) AGBI
In Egypt, MNT‑Halan has underwritten 8 million customers, many with limited credit history or formal financial data. That experience is seen as a key strength for its expansion plans. (AGBI) AGBI+1
Financial Inclusion and Underserved Markets
An important part of the company’s strategy is to serve people who are often overlooked by traditional banks. These include low‑income consumers, those without substantial credit history, or users who are “underbanked.” MNT‑Halan believes its technology, data, and risk models give it advantage in those segments. (AGBI) AGBI
Saudi Arabia is especially interesting given its large market size and rapid growth in ePayments. For example, transactions through ePayments in Saudi Arabia have grown significantly in recent years, showing the government’s support for digital finance. (AGBI) AGBI
Challenges and Risks
Entering a new market involves regulatory, competitive, and operational challenges. MNT‑Halan will need to navigate licensing, risk regulation, consumer protection laws and local banking partnerships. These factors can slow down expansion or increase costs.
Competition is another concern. Even though Ramadan suggests there is room in the market, GCC fintech and finance companies are well established. To succeed, MNT‑Halan must offer differentiated products, superior user experience, and maintain trust.
Credit risk is always a factor, especially when lending to customers with limited financial history. The partnership with Lean Technologies aims to address this, by improving credit assessment models. However scaling up those models in new geography will require strong local data and regulatory alignment.
Supporting Data and Related Moves
MNT‑Halan has raised significant capital in recent periods. For example, in mid‑2024 it raised $157.5 million in a funding round led by IFC and others to support regional expansion. (FinTech Futures) FinTech Futures
The company has also made strategic acquisitions and obtained microfinance licenses in markets like Pakistan, further diversifying its footprint and gaining experience in financial services outside Egypt.
Outlook: What to Expect Next
In the coming months, MNT‑Halan is likely to formalize its entry into Saudi Arabia with licensing or partnerships with local fintech or financial institutions. It may roll out further auto‑loan, salary advance, or small consumer finance products targeting underserved segments.
Expansion will likely involve scaling digital infrastructure, risk assessment technologies, and local compliance frameworks. Also, physical presence or partnerships may help, especially for customer trust and service in underserved areas.
If successful, this expansion could establish MNT‑Halan as a regional leader in serving customers who have been traditionally excluded from mainstream banking, further pushing financial inclusion across the GCC.
