The fintech company hopes to enter at least one new country in the first quarter of 2022 under a plan which will need a presence on the ground, Nakhla says in Cairo. He declined to name the countries being considered.
MNT-Halan claims to be Egypt’s largest lender to the unbanked. It has about 1 million monthly active users and has disbursed $1.7bn in loans to date. In September, the company completed the raising of about $120m from investors including Apis Growth Fund II, Development Partners International, and Lorax Capital Partners.
Regulators have granted the company licenses for micro and consumer finance, and it holds the first independent electronic wallet license for the Raseedy wallet from the country’s central bank. The business is getting a “tailwind from the regulatory environment” with Egyptian regulators aiming to eliminate physical cash, Nakhla says.
“To win in payments,
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