Egypt Eyes Surge in Fintech Investment After New Laws

New legislation and regulatory changes in Egypt are set to unleash a surge in new fintech investments and change the way the country’s largely unbanked citizens do business, industry players say. 

One innovator is MNT NV, a microfinance lending and payments company with more than a million active customers and a 21.7 percent market share. It has just completed a share swap to take over fintech company Halan Inc, Mounir Nakhla, a cofounder of both firms, told Reuters. The deal had not previously been reported.

MNT-Halan is Egypt’s first private non-bank company to be licensed by the central bank to operate a digital wallet, a mobile telephone application that allows consumers, vendors, lenders and borrowers to transfer money, pay bills, buy goods on instalment, secure loans and make other transactions.

About this News Item

Patrick Werr