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Egyptian fintech, MNT-HALANs closes USD I50 million securitized bond issuance


Commercial International Bank (CIB), Egypt’s most prominent private-sector financial institution, has announced that Tasaheel, a wholly-owned subsidiary of MNT-HALAN Egypt’s fintech giant, securitized around $150 million worth of its loan book as a part of the initial issuing of a $600 million program.

The company can connect customers, suppliers, and micro-businesses via its merchant app,consumer-facing app, distributed loan & payment processing software, and its payment solutions. In addition to that, it offers logistics and taxi-hailing services.

The fact that the offering was oversubscribed by a factor of two is evidence of excellent quality, granularity and diversity; the MNT portfolio, owned by Halan, consists of one hundred and thirty-seven thousand contracts and a strong cash flow to pay back.

Banks from around the area and the country, including the Agricultural Bank of Egypt, Abu Dhabi Commercial Bank, Al Baraka, Housing and Development Bank, Al Ahli of Kuwait, and the Abu Dhabi Commercial Bank participated.

The first three portions of the offering have been given a rating of Prime 1, and the final portion of the offering has been given an A rating by the Middle East Rating & Investor Service.

The money will help MNT-Entry Halan move into new markets and help the company grow in all of its loan business lines.

The trust the investors placed in our firm has made us indescribably grateful. The importance of CIB’s role cannot be overstated. With the completion of this transaction, our first-ever securitization, we have ensured our company’s continued growth over the long term. We anticipate that the firm’s loan book will exceed $2 billion within the next few years.

Mounir Nakhla, the Chief Executive Officer of MNT-Halan, says that this will be made possible by the company’s digital strategy, which will use synergies and explore new verticals.

MNT-Halan, which began in 2018 as an app for hailing rides on two- and three-wheeled vehicles, has morphed into a super app and has grown to become Egypt’s fastest-growing and biggest lender to the unbanked. 




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