MNT-Halan raises $82M in securitized debt for lending

MNT-Halan lends to Egyptian consumers and small businesses and layers payment cards, transfers and bill payment around those loans. Its branches, retail partners and kiosks bring in customers who can then use its app; EnterpriseAM reported that about 61% of branch-acquired customers had moved onto the app by the end of June. Launch Base Africa reported that MNT-Halan has now completed $82 million of securitized bond issues to keep that lending operation funded.

According to Launch Base Africa, citing company statements and market disclosures, the company completed three 13-month tranches through Tasheel Finance and Halan Consumer Finance, its microfinance and consumer-lending subsidiaries. All three received an A- rating from Middle East Credit Rating and Investor Services.

The bond issues fit MNT-Halan’s operating model, not just its treasury. The group originates loans and earns interest, while also recording profits when portfolios are securitized or otherwise moved off the balance sheet, EnterpriseAM reported from the offering notice. Selling those receivables into bonds releases liquidity and regulatory capital for more lending and can reduce dependence on ordinary bank credit lines.

That cycle is already large. MNT-Halan reported a $947 million active loan portfolio and approximately 1.9 million borrowers as of June 30, along with 1.4 million payment cards issued since October 2023. It also collects fees on loan issuance, merchant rebates, point-of-sale activity, cash withdrawals, transfers and bill payments; just over half its customers used more than one service by the end of June, EnterpriseAM reported.

MNT-Halan said it held 24.3% of Egypt’s non-bank microfinance market by loan-book value and 14% of non-bank consumer-finance disbursements at the end of 2025. The model is closer to a consumer lender than an asset-light payments company: it can earn more as customers borrow and use additional services, but it also carries the credit risk on loans to lower-income customers with thinner borrowing histories.

The debt comes as MNT-Halan prepares to sell 20% of its Egyptian arm in a fully secondary offering. EnterpriseAM reported that the IPO is expected to wrap in October, pending regulatory approval, while the parent separately plans a closed capital increase at the offer price. The shares sold to public investors won’t put fresh cash into the company.