MNT-Halan Defies Trend with Cairo Listing

In a surprising move that challenges the current trajectory of African fintech companies, MNT-Halan has submitted an application to list 1.6 billion shares on the Egyptian Exchange’s main market. This decision positions the company as the only major player in the region opting for a local bourse instead of international venues like New York or London.

The potential IPO could value MNT-Halan’s domestic operations at between $900 million and $1 billion, marking a significant milestone for the Egyptian fintech sector. The move comes amidst a wave of other major players seeking public listings, including OPay (targeting a $4 billion valuation), PalmPay, and Airtel Money (potentially valued at $10 billion).

MNT-Halan’s decision highlights a critical question facing African policymakers: why are the continent’s most successful fintech companies choosing foreign exchanges over local ones? The company, founded in 2018, has grown into a vertically integrated platform offering micro-business lending, payments, consumer finance, and e-commerce services to over 7 million customers in Egypt.

Why Cairo Over London?

MNT-Halan’s deep local roots—holding more than 25% of the country’s microfinance market—combined with a demonstrated investor appetite for fintech stocks, may make a Cairo listing more viable than it would be elsewhere. The company has already disbursed over $10 billion in loans since inception and boasts a valuation of $1.4 billion after a recent funding round led by Al Ahly Capital.

While the Egyptian Exchange lacks the depth to compete with global venues, MNT-Halan’s significant market share and domestic investor base could create a more favorable environment for its IPO. The company is betting that Egypt can offer something different—a local ecosystem where it’s not just another startup but an established financial institution by reach.

The government has also been actively supporting digital transformation, creating a policy tailwind for MNT-Halan’s listing ambitions.