Egypt’s MNT-Halan Targets GCC’s Underserved Market with Expansion
▼ Summary
– MNT-Halan is expanding its Gulf operations to serve underserved and low-income consumers in the UAE and Saudi Arabia.
– The company has already onboarded 1.5 million payment users and provided loans to 220,000 customers in the UAE.
– It recently launched an auto-loan product for used cars and partnered with Lean Technologies to enhance credit assessments.
– Saudi Arabia is a key target due to its progressive regulations, growing digital infrastructure, and rising e-payment adoption.
– MNT-Halan leverages its experience serving unbanked customers in Egypt to address Saudi Arabia’s underserved population.
Egyptian fintech leader MNT-Halan is accelerating its expansion across Gulf Cooperation Council (GCC) nations, focusing specifically on underserved and low-income consumers in the UAE and Saudi Arabia. This strategic push aligns with the company’s core mission to broaden access to digital financial services in regions where conventional banking often fails to reach economically marginalized communities.
Since entering the UAE market a year and a half ago, MNT-Halan has rapidly scaled its operations, attracting 1.5 million users for its payment services and extending loans to more than 220,000 customers. A significant milestone was reached in December 2024 when the firm joined forces with Al Ansari Exchange to introduce salary advance products. This collaboration marked a deliberate expansion beyond mobile wallets and card services into lending and e-commerce solutions. More recently, the company introduced a soft launch for auto loans targeting used car purchases in the UAE, with additional consumer-oriented products anticipated in the near future.
According to Omar Ramadan, CEO of MNT-Halan GCC, financing for pre-owned vehicles addresses a substantial market void, especially among demographics that have historically been excluded from formal financial systems. To bolster its credit evaluation capabilities, the company recently entered into a partnership with Lean Technologies, aiming to refine its risk assessment processes and enhance lending efficiency.
Saudi Arabia represents a particularly promising frontier for MNT-Halan’s growth strategy. Ramadan pointed to the Kingdom’s forward-thinking regulatory framework, rapidly developing digital infrastructure, and strong governmental push toward a cashless society. E-payment adoption in Saudi Arabia has surged from just 18% in 2016 to an impressive 79% by the close of 2024. The number of fintech operators in the country has tripled since 2022, indicating a vibrant, if competitive, market environment.
Even amid increasing competition, Ramadan remains confident in MNT-Halan’s ability to succeed. The company’s extensive experience serving 8 million unbanked customers in Egypt provides a solid foundation for addressing similar challenges in Saudi Arabia, where 21% of the population remains without access to formal banking services and many more are considered underbanked. By applying its specialized knowledge of emerging market dynamics, MNT-Halan aims to establish a strong presence by catering to segments traditionally overlooked by mainstream financial institutions.
(Source: MEA Tech Watch)
