MNT-Halan Issues $82M Securitised Bonds as Loan Portfolio Nears $1B

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

Egyptian non-bank financial institution MNT-Halan has issued US$82 million (EGP 4 billion) in securitised bonds to collateralize an active loan portfolio currently valued at $947 million.

Operating across 1,200 physical locations and servicing 1.9 million borrowers, the firm controls 24.3% of Egypt’s non-bank microfinance sector and 14% of non-bank consumer credit.

The issuance was divided across three 13-month tranches to fund its microfinance and consumer lending arms.

Securing the Microfinance Crown

Egyptian financial technology operator MNT-Halan has completed a series of securitised bond issuances totalling more than US$82 million (EGP 4 billion), strengthening its balance sheet as its active loan portfolio approaches $1bn and its control across domestic credit markets expands.

According to company statements and market disclosures, the Cairo-headquartered group held a 24.3 per cent share of Egypt’s total non-bank microfinance market by loan book value and 14 per cent of non-bank consumer finance disbursements by the end of December 2025. The figures position MNT-Halan as the single largest non-bank micro-lender in the country, alongside a growing share in small and medium enterprise (SME) financing.

As of June 30, 2026, the company reported a total active loan portfolio of $947m (EGP 46.7bn), having disbursed a cumulative $6.1bn (EGP 178bn) in credit since its establishment.

To fund its lending activities amid elevated domestic interest rates and inflationary pressure on household real income, MNT-Halan issued three distinct debt tranches through its principal operating subsidiaries, Halan Consumer Finance and Tasheel Finance:

• Microfinance Arm (Tasheel Finance): Issued two tranches valued at $24.6m (EGP 1.2bn) and $46.8m (EGP 2.28bn), underpinning its 24.3 per cent market share in the micro-lending segment.
• Consumer Finance Arm (Halan Consumer Finance): Issued a single tranche of $10.8m (EGP 528.5m) to support its 14 per cent market share in consumer credit.

All three tranches carry a single-tranche structure with a 13-month maturity and were awarded an ‘A-’ credit rating from Middle East Credit Rating and Investor Services (MERIS).

A consortium comprising CI Capital and Al Ahli Pharos acted as financial advisers on the offering. Matouk Bassiouny & Hennawy served as legal counsel, Baker Tilly acted as financial auditor, and Capital Securitization executed the transaction vehicle.

Bypassing Traditional Bank Credit Lines

Structured debt offerings have become a primary capital management mechanism for Egyptian non-bank financial institutions (NBFIs), allowing private operators to offload loan portfolios, free up regulatory capital, and maintain liquidity independently of commercial bank credit lines. Competitors in the buy-now-pay-later (BNPL) and retail finance sector, such as EFG Hermes-backed Valu, have similarly deployed securitised issuances to fund growth.

MNT-Halan’s market share expansion relies on a hybrid distribution strategy combining digital channels with physical infrastructure. As of mid-2026, the company operated 1,200 physical distribution points across 25 Egyptian governorates — comprising traditional branches, retail partner locations, shopping mall kiosks, and seasonal outlets.

The group reported an active customer base of approximately 1.9m borrowers as of June 30, 2026, alongside 1.4m payment cards issued since launching its card issuance division in October 2023.

Navigating Scrutiny Ahead of the EGX Debut

The scale of non-bank lending comes amid heightened scrutiny from Egypt’s Financial Regulatory Authority (FRA), which has introduced stricter oversight regarding capital adequacy, anti-money-laundering compliance, and consumer lending practices. Micro-lending in Egypt remains tied to rural and productive commerce; sector-wide regulatory data indicates that agricultural micro-loans accounted for more than 25.6 per cent of total sector loan balances in the second quarter of 2026.

MNT Group’s latest debt haul arrives as the company prepares for a planned initial public offering (IPO) on the Egyptian Exchange (EGX), where it intends to list up to 20 per cent of its shares.