Egyptian fintech unicorn MNT-Halan is accelerating its expansion into the Gulf, with a strategic focus on providing inclusive digital financial services to underserved and low-income consumers in the UAE and Saudi Arabia. The move aligns with the company’s core mission to serve market segments often overlooked by traditional financial institutions.
Gaining Traction In The UAE Market
Having commenced operations in the UAE 18 months ago, MNT-Halan has already achieved significant milestones, onboarding 1.5 million payment service users and extending loans to 220,000 customers. The company has steadily broadened its product suite, partnering with Al Ansari Exchange in December 2024 to offer salary advances and recently soft-launching an auto-loan product for used cars—a segment Omar Ramadan, CEO of MNT-Halan GCC, identified as a “big gap in the market.” To bolster its lending capabilities, the fintech also recently partnered with Lean Technologies to enhance its credit assessment processes.
Saudi Arabia The Next Frontier
Looking ahead, MNT-Halan has identified Saudi Arabia as its next prime target for expansion. Ramadan highlighted the Kingdom’s progressive regulatory environment, rapidly expanding digital infrastructure, and strong commitment to becoming a cashless economy as key attractions. With e-payment adoption in Saudi Arabia surging to 79% by the end of 2024, the market presents a significant opportunity, despite a competitive landscape.
Leveraging Expertise In Emerging Markets
While the GCC market is increasingly crowded, MNT-Halan plans to leverage its extensive experience from its home market. Having successfully underwritten 8 million unbanked customers in Egypt, the company believes it is uniquely positioned to address the needs of the Gulf’s underserved population. In Saudi Arabia, where 21% of the population remains unbanked and many more are underbanked, MNT-Halan aims to carve out a niche by applying its proven expertise in serving segments neglected by traditional banks.
About MNT-Halan
MNT-Halan is Egypt’s leading fintech company and one of the fastest-growing startups in the Middle East and Africa. As the country’s first private non-bank company to be licensed by the Central Bank of Egypt to operate a digital wallet, it is digitizing traditional banking and cash-based markets. The company provides a range of services, including digital payments, lending, and e-commerce, with a primary focus on promoting financial inclusion for unbanked and underbanked consumers.
Source: MEA Tech Watch
