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.
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.
