Mounir Nakhla is the co-founder and CEO of one of Egypt’s most important fintech firms, MNT-Halan.
His leadership has powered MNT-Halan as it became the first unicorn in Africa this year and the first private tech firm in Egypt to cross a billion-dollar valuation.
The company focuses on extending financial services to underserved populations, including loans and payment solutions.
Nakhla’s fintech journey began more than a decade ago, driving financial inclusion and innovation in the region.
MNT-Halan offers services that include business and consumer loans, pre-paid cards, and e-wallets, among others.
Dratech International celebrates Mounir Nakhla as one of the industry giants who with his influence has reshaped and strengthened the Fintech sector.
This article will shed light on Mounir Nakhla’s achievement and how he has influenced Africa’s financial technology space. Let’s get into it.
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Mounir Nakhla`s Background
Mounir Nakhla is a revolutionary entrepreneur and one of the key players in Africa’s Fintech after a microfinance background-led through founding of Mashroey and Tasaheel, the largest microfinance companies in Egypt-paved the way for the 2018 co-founding of MNT-Halan.
His strategic pivot from ride-hailing into fintech upended the way millions of people access financial services.
Nakhla takes a different approach, one that pairs innovative technology with a commitment to financial inclusion by offering often-underserved populations services ranging from microloans to buy-now, pay-later arrangements to digital payments.
His commitment to economic empowerment further extends into supporting women through strategic partnerships with DEG and UN Women.
Under Nakhla’s visionary guidance, MNT-Halan has grown to become Egypt’s first fintech unicorn and a regional powerhouse.
MNT-Halan’s Transition to becoming a Financial Powerhouse
Founded by Mounir Nakhla in 2018, MNT-Halan has been a revolutionary force to be told in the African business ecosystem, especially in the realm of fintech.
It launched as a ride-hailing operator and shifted focus to financial services; it is touted as Egypt’s largest and fastest-growing super app.
Digital financial services such as lending, BNPL, e-commerce, and payment services are enabled through MNT-Halan, empowering underserved communities and small businesses.
This demonstrates tremendous adaptability and a strategic shift from ride hailing to financial services in pursuit of demand and growth opportunities.
MNT-Halan has raised several investors, including a $120-million funding round in 2021, which has driven its expansion and innovation.
MNT-Halan equips SMEs, the drivers of economic development and job creation across the African continent, with microfinancing and other financial services.
Impact of MNT-Halan on Small and Medium Enterprises (SMEs)
MNT-Halan undertakes the continuous development of unhindered financial services to the unbanked and underserved customers in Egypt and across the MENA region.
By using its scalable, proprietary fintech ecosystem, developed in-house, connecting customers, vendors, and microenterprises through its customer-facing app, merchant app, Halan Neuron (Distributed Lending and Payment Processing Software), and payment solutions wallets and cards.
While over 90% mobile penetration has been achieved, more than 70% of Egypt’s young and fast-growing population of over 100 million is under-served and excluded from financial services.
its digital solutions comprising lending, BNPL, e-commerce, payments, and on-demand logistics, MNT-Halan supports a mission to empower underserved communities toward greater equality and female economic participation.
MNT-Halan currently serves more than 4 million customers in Egypt, with c.1 million monthly active users. These include 3.1 million financial clients and 1.8 million borrowers.
The company has dispersed over US$1.7 billion of loans. Its monthly throughput, already well over US$100 million, has grown over 20x in the past five years.
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MNT-Halan’s Record-Breaking Funding Rounds and Global Expansion
MNT-Halan one of the largest FinTech companies in Egypt, has achieved several milestones and notable global recognition. They raised c. $120 million from global investors, secured $400 million in funding and raised c. $160 million to support geographical expansion beyond Egypt.
Expansion to serve over 7 million customers by creating a comprehensive digital ecosystem including business and consumer loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments.
They were awarded the Most Innovative Financial Technology Company in the Middle East and Africa at the Global Finance Awards.
In 2023, they were ranked by the Financial Times among its listing of Africa’s Fastest-Growing Companies Top 30 Fintech Company by Forbes Middle East in 2023.
These recognitions identify MNT-Halan not only for its rapid pace of growth but also for the innovation it brings into the fintech sector, especially regarding distributing financial services at large to unserved markets.
Mounir Nakhla’s Strategic Partnerships and Ecosystem Collaboration
Mounir Nakhla is among the most influential leaders within the Fintech industry across Egypt and the whole MENA region.
Under his leadership, along with his strategic vision, financial inclusion and economic empowerment have started to come into prominence and take their rightful place amongst women and underprivileged classes.
His journey in FinTech began with the founding of Mashroey, an asset-based microfinance company, and Tasaheel, which would turn out to be Egypt’s largest microfinance company.
In 2017, he co-founded Halan, later evolved into MNT-Halan, offering a gamut of financial solutions comprising small and micro-business lending, consumer finance, payments, and e-commerce ¹².
Under him, MNT-Halan expanded its services to more than 5 million customers with a valuation of roughly $1 billion after raising $400 million.
Nakhla’s vision is also not confined to business growth alone but aims at increased financial inclusion and the economic empowerment of women through strategic partnerships with organizations like DEG and UN Women.
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Women’s Economic Empowerment and MNT-Halan’s Initiatives
Mounir Nakhla has been quite influential within the tech ecosystem in Africa, especially toward the end of the decade.
At the peak of MNT-Halan, Nakhla has driven financial inclusion in Egypt and beyond. MNT-Halan offers a wide range of financial services that comprises lending to micro and small enterprises, consumer finance, and payments to unbanked and underbanked populations.
Nakhla has been vocal about women’s economic empowerment. Under his leadership, MNT-Halan partnered with DEG and UN Women in support of efforts that will increase financial access by women.
Operated by MNT Investment, MNT-Halan became the first unicorn in Egypt this year, 2023, due to its rapid growth and the creative solutions it offers. It boasts of having over 1.3 million monthly active users and five million customers.
The various initiatives undertaken by Nakhla toward the facilitation of financial services in the relatively unserved sections have contributory factors in the economic growth and development of the region.
FAQs
Who is Mounir Nakhla?
Mounir Nakhla is the CEO and co-founder of MNT-Halan, an Egyptian fintech company providing loans, payment solutions, and other financial services to underserved communities in Egypt.
What does MNT-Halan do?
MNT-Halan offers microloans, Buy Now Pay Later (BNPL), and digital payment solutions, focusing on improving financial inclusion for Egypt’s unbanked and underbanked population.
How has Mounir Nakhla impacted Egypt’s fintech space?
Mounir Nakhla has pioneered accessible financial services for the underserved, helping bridge the gap between traditional banking and those without access to it.
What is MNT-Halan’s goal under Nakhla’s leadership?
Under Mounir Nakhla, MNT-Halan aims to empower millions of unbanked Egyptians by offering innovative, technology-driven financial solutions to improve their economic well-being.
Conclusion
MNT-Halan has indeed been very pivotal to changing the financial face of Egypt by making available appropriate, technology-driven financial solutions to millions of excluded people.
His focus on financial inclusion has just bridged that gap between unbanked people and formal financial services by giving access to loans, payment options, and other basic needs.
Through innovation and deep understanding of the needs of the local market, Nakhla has positioned MNT-Halan at an important juncture within Egypt’s fintech ecosystem.
