MNT-Halan wants to tap new markets in 2022
MNT-Halan is looking at cross-border expansion this year, with plans to tap markets where “there are large unbanked populations that need serving,” CEO and co-founder Mounir Nakhla told the Banker magazine. The fintech firm — which last year raised USD 120 mn in what remains the region’s largest-ever fintech round — is looking at “several” countries in Africa and elsewhere, according to Nakhla.
The firm could also look to grow its service menu in Egypt in the short-term to include cards and supply chain financing, Nakhla said. The company currently offers buy-now-pay-later (BNPL) loans, microfinance solutions, P2P transfers, bill payments, and remittances through its recently-launched core banking system, Neuron.
The new banking software is off to a solid start: “The current monthly throughput via Neuron [the company’s in-house core banking software] is over USD 125 mn,” Nakhla said, including USD 15 mn processed on the consumer-facing app. “One of our most successful use cases is P2P transfers, which have been gaining tremendous traction, with double and sometimes triple month-on-month growth rates.”