Egyptian fintech unicorn MNT-Halan is ramping up its Gulf expansion, targeting underserved and low-income consumers across the UAE and Saudi Arabia. The move reflects its broader mission to deliver inclusive digital financial services in markets where traditional banks often overlook lower-income segments.
Having launched operations in the UAE 18 months ago, MNT-Halan has already onboarded 1.5 million payment service users and provided loans to 220,000 customers. In December 2024, it partnered with UAE-based Al Ansari Exchange to offer salary advances, expanding its portfolio beyond mobile wallets and cards into lending and e-commerce. Recently, the company soft-launched an auto-loan product for used cars in the UAE, with new consumer products expected soon.
Omar Ramadan, CEO of MNT-Halan GCC, noted that used car financing represents a “big gap in the market,” particularly among underserved demographics. To strengthen its lending capacity, the company also signed a partnership with Lean Technologies this week to enhance credit assessments.
Looking ahead, Saudi Arabia is a prime target for MNT-Halan. Ramadan highlighted the Kingdom’s progressive regulatory environment, expanding digital infrastructure, and commitment to becoming a cashless economy, with e-payment adoption rising from 18% in 2016 to 79% by the end of 2024. The number of Saudi fintechs has tripled since 2022, signaling a competitive but growing landscape.
Despite the crowded market, Ramadan believes MNT-Halan’s experience underwriting 8 million unbanked customers in Egypt equips it to serve Saudi’s underserved population, where 21% remain unbanked and many more underbanked. By leveraging its expertise in emerging markets, the company hopes to carve out a niche addressing segments neglected by traditional banks.
