CIB Commits US$37M to MNT-Halan Ahead of EGX IPO

Mounir Nakhla and Ahmed Mohsen, MNT-Halan Co-founders

Commercial International Bank (CIB) has committed up to $37.34 million (EGP 2 billion) as a cornerstone investor in MNT Tech Holding’s (MNT-Halan) upcoming Egyptian Exchange (EGX) IPO.

The agreement, executed on September 24, 2026, secures CIB a projected 2.7% equity position, anchoring the fintech's June 2026 private valuation of $1.4 billion.

MNT-Halan currently commands 24.3% of Egypt’s non-bank microfinance sector and 14% of the non-bank consumer finance market.

Why is CIB investing up to EGP2 billion in MNT-Halan?

Commercial International Bank (CIB) has committed up to $37.34 million (EGP2 billion) to invest in MNT Tech Holding for Financial Investments, the parent company of Egyptian fintech unicorn MNT-Halan.

Under an investment agreement dated 24 September 2026, CIB will purchase shares through the international offering forming part of MNT-Halan’s planned share offering and listing on the Egyptian Exchange (EGX).

The investment makes CIB more than a long-standing banking partner to MNT-Halan: it positions Egypt’s largest private-sector bank by assets as a potential shareholder in one of the country’s most prominent fintech companies.

The exact number of shares CIB will acquire and its resulting ownership stake have not yet been disclosed. Both will depend on the final offer price.

At MNT-Halan’s $1.4 billion valuation announced in June 2026, the maximum CIB commitment would represent approximately 2.7% of the company. However, the actual percentage could differ depending on the IPO valuation and final pricing.

Key detail	MNT-Halan listing
Investor	Commercial International Bank (CIB)
Maximum commitment	EGP2bn ($37.34mn)
Agreement date	24 September 2026
Latest announced valuation	$1.4bn
Potential stake at $1.4bn valuation	~2.7%
Parent company	MNT Tech Holding for Financial Investments
Exchange	Egyptian Exchange (EGX)
Temporary listing approved	14 September 2026

How close is MNT-Halan to an Egyptian Exchange listing?

CIB’s investment comes as MNT-Halan moves closer to becoming a publicly listed company.

The EGX Listing Committee approved MNT Tech Holding’s temporary listing on 14 September 2026, with its shares added to the exchange’s database from 15 September under the non-banking financial services sector.

The temporary listing gives the company six months to complete its offering and satisfy the requirements for a final listing.

Importantly, the temporary listing does not mean MNT-Halan shares have begun trading. The shares cannot trade until the offering is completed unless the company receives approval from the Financial Regulatory Authority (FRA).

If MNT Tech Holding does not complete the offering within the six-month period, the temporary listing will be treated as though it never existed.

The company currently has EGP160 million in issued capital, divided into 1.6 billion shares, each with a par value of EGP0.10.

If completed, the offering would rank among the largest technology-related flotations on the Egyptian bourse.

What does CIB’s investment mean for MNT-Halan?

For MNT-Halan, CIB's commitment provides more than potential IPO capital. It brings an established Egyptian financial institution into the company's shareholder base at a critical stage of its expansion.

Amr El Ganainy, executive vice-president and executive board member of CIB, said the bank's participation reflects its role in supporting Egypt's non-banking financial sector and the diversification of financing tools available to the market.

For MNT-Halan founder, chief executive and managing director Mounir Nakhla, the investment also represents the continuation of a relationship that stretches back more than 15 years.

Nakhla said CIB had supported MNT-Halan from its early stages and that the bank's market knowledge and experience would be valuable as the fintech enters its next phase.

The relationship is particularly significant because MNT-Halan operates across several areas of Egypt's non-banking financial ecosystem, including consumer lending, microfinance and payments.

How has MNT-Halan built its fintech business?

MNT-Halan was founded in 2018, initially as a ride-hailing application for two- and three-wheelers. It subsequently expanded into a broader financial and commerce platform spanning:

• Consumer finance
• Micro-enterprise lending
• Payments
• Savings and investments
• E-commerce
• Logistics

According to the company, MNT-Halan has disbursed more than $15.5 billion in loans since inception and serves more than 8 million customers globally.

The company became a unicorn in 2023, when it raised a $400 million equity and debt financing round at a $1 billion valuation.

Since then, MNT-Halan has expanded beyond Egypt into Türkiye and Pakistan, while also launching operations in the United Arab Emirates in 2024.

Its Egyptian lending business remains the core of its scale. MNT-Halan said it held 24.3% of Egypt's microfinance market and 14% of the consumer finance market as of December 2025. Those figures are company-provided and have not been independently verified.

How has MNT-Halan funded its rapid lending growth?

MNT-Halan's expansion is closely tied to its ability to secure funding for its lending portfolio.

Unlike asset-light software businesses, lending platforms require continuous access to capital to originate new loans and grow their portfolios. MNT-Halan has therefore increasingly relied on securitisation alongside equity and debt financing.

In a securitisation, existing loan receivables are bundled and sold to investors as bonds or other yield-bearing securities, allowing the lender to recycle capital into new loans.

In April 2026, MNT-Halan's consumer lending arm, Hala Consumer Finance, completed an EGP2.214 billion ($41.3 million) securitisation issuance. It represented the fifth tranche under Capital Securitisation's seventh programme.

That funding model is relevant to the upcoming listing because MNT-Halan's future growth will depend not only on equity capital but also on its ability to maintain diversified and sustainable funding sources.

Why did MNT-Halan's valuation reach $1.4 billion in 2026?

MNT-Halan's latest valuation increase came from a June 2026 capital increase led by Al Ahly Capital, the private equity arm of state-owned National Bank of Egypt.

The transaction raised MNT-Halan's valuation to $1.4 billion.

According to Nakhla, that transaction was notable because it marked the first time a commercial bank had taken an equity stake in MNT-Halan.

CIB's latest commitment therefore extends a trend that began with the June capital increase: established Egyptian financial institutions are increasingly participating directly in the fintech's ownership and financing ecosystem.

CIB's potential investment also comes at a different stage from the June transaction. Rather than being a standalone private funding round, it is tied directly to MNT-Halan's planned public offering.

What could determine the success of the MNT-Halan IPO?

The investment agreement does not guarantee that MNT-Halan's offering will proceed on its current terms.

The transaction remains subject to the conditions in the investment agreement and offering documents, as well as final regulatory requirements.

Several factors will ultimately determine the outcome:

• Final offer price: CIB's eventual shareholding will depend on the IPO price.
• Market conditions: Investor appetite for Egyptian equities and technology companies could affect demand and valuation.
• Regulatory approval: The temporary listing does not guarantee final listing approval.
• Credit performance: MNT-Halan's lending-heavy business model exposes the company to credit and portfolio risks.
• Funding requirements: Continued loan-book expansion will require sustained access to capital and securitisation markets.

The key question for investors is therefore not simply whether MNT-Halan can reach the Egyptian Exchange, but whether it can translate its substantial lending scale into sustainable growth while managing the credit risks inherent in its business model.

What does CIB's investment signal for Egypt's fintech market?

CIB's EGP2 billion commitment highlights the increasing overlap between Egypt's traditional financial institutions and its fintech sector.

MNT-Halan has evolved from a 2018 mobility-focused startup into a diversified financial platform serving more than 8 million customers, while its valuation has risen from $1 billion in 2023 to $1.4 billion in 2026.

The potential EGX listing would take that evolution a step further by introducing public-market investors to the company.

For MNT-Halan, CIB's participation adds an established financial institution to its shareholder base ahead of that transition. For Egypt's non-banking financial sector, the transaction underscores the growing role of fintech platforms—and the capital required to support their next stage of expansion.