Egyptian fintech heavyweight MNT-Halan is accelerating its expansion plans, targeting a 40% increase in its financing portfolio to between $4.5 billion and $5 billion by the end of 2026, as it positions itself for an initial public offering and long-term decacorn ambitions.
The company, which expects its loan book to close 2025 at around $3.5 billion, is betting on rising credit demand, easing monetary conditions, and technology-driven lending to fuel its next growth phase.
Founder and CEO Mounir Nakhla said “the expansion will be driven largely by consumer financing and lending,” noting that MNT-Halan is preparing for “increased credit demand as the Egyptian market enters a monetary easing cycle.”
Alongside aggressive portfolio growth, the fintech is planning a regional IPO within the next 12 to 18 months, preparing EGP 40–50 billion in debt issuances, and laying the groundwork to become a $10 billion-plus company within the next decade, one of the boldest growth roadmaps in the Middle East and Africa’s fintech landscape.
Scaling Consumer and SME Financing Through Technology
At the core of MNT-Halan’s strategy is a sharp focus on consumer and small-business financing, segments that remain underserved by traditional banks in Egypt.
Founded in 2017 by Mounir Nakhla and Ahmed Mohsen, the company has built a broad financial ecosystem that combines digital services with a nationwide physical presence.
Through the Halan app and its on-ground distribution network, MNT-Halan offers consumer and business loans, prepaid cards, e-wallets, savings and investment products, and e-commerce services, positioning itself as a one-stop financial platform for millions of Egyptians.
Nakhla explained that technology remains central to the company’s growth ambitions, particularly as borrowing costs ease and demand for credit rises.
By leveraging data, automation, and alternative credit scoring, MNT-Halan aims to expand access to financing while managing risk at scale, a balance that has become increasingly critical as fintech lenders grow their loan books rapidly.
IPO Plans and the Pursuit of Decacorn Status
Beyond portfolio growth, MNT-Halan is preparing for its next major milestone: becoming a publicly listed company.
According to Nakhla, the fintech is considering a listing on a regional stock exchange within the next 12 to 18 months, a move that would significantly boost its access to capital and institutional investors.
The IPO is also part of a broader vision to transform MNT-Halan into a regional fintech champion.
“We aim to become a decacorn, a startup valued at over $10 billion, within the next five to seven years,” Nakhla said, underscoring the scale of the company’s ambition.
Achieving that valuation would place MNT-Halan among a very small group of global fintech leaders, particularly in emerging markets, and signal strong investor confidence in its business model and growth trajectory.
Diversifying Into Real Estate Investment Funds
As part of its expansion beyond core lending, MNT-Halan has also launched a real estate investment fund, signaling a strategic move into asset-backed investments.
The fund is currently in talks with several major Egyptian real estate developers, with a focus on acquiring commercial properties.
Nakhla disclosed that the fund’s first issuance will carry an initial capital of EGP 250 million, with a long-term goal of reaching a total fund value of EGP 2 billion.
This diversification allows MNT-Halan to tap into Egypt’s property market while offering investors exposure to real assets, further strengthening its financial ecosystem and revenue streams beyond traditional lending.
Aggressive Debt Issuance to Fund Expansion
To support its ambitious growth plans, MNT-Halan is significantly ramping up its use of capital markets. The company is preparing to issue EGP 40–50 billion worth of debt instruments in 2026, including sukuk, securitized bonds, and green bonds, following more than EGP 15 billion issued in 2025.
Notably, its plans include EGP 9 billion in financing sukuk at the start of 2026, representing a more than twofold year-on-year increase.
These instruments will provide the liquidity needed to expand lending operations while aligning with diverse investor preferences, including Islamic finance and sustainability-focused capital.
The scale of the planned issuances highlights MNT-Halan’s growing sophistication and confidence in its ability to manage large, complex funding structures.
Talking Points
MNT-Halan’s ambitious expansion strategy reflects strong confidence in Egypt’s improving credit environment, also it carries notable execution and macroeconomic risks that warrant scrutiny.
Targeting a 40% increase in its financing portfolio to as much as $5 billion within a short timeframe assumes sustained monetary easing, stable currency conditions, and continued borrower demand, factors that remain vulnerable in an economy historically exposed to inflationary pressure and FX volatility.
The plan to raise EGP 40–50 billion through sukuk, securitized, and green bonds will provide scale, but it also significantly increases leverage, making the company more sensitive to credit defaults, liquidity stress, and regulatory tightening.
While an IPO within 12–18 months could strengthen transparency and capital access, public-market scrutiny may challenge a fast-growing fintech whose loan quality and risk controls must keep pace with expansion.
Additionally, diversification into real estate funds, though strategically appealing, introduces exposure to a cyclical and capital-intensive sector that could strain focus during a critical growth phase.
Ultimately, MNT-Halan’s trajectory says a lot about fintech maturity and market leadership aspirations, although its success will hinge on disciplined risk management, prudent capital deployment, and resilience against Egypt’s macroeconomic uncertainties rather than growth velocity alone.
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