MNT-Halan’s Unique Path in Africa’s Fintech Wave

As African fintech companies increasingly seek public listings, Egyptian unicorn MNT-Halan has charted a distinctive course by choosing the Egyptian Exchange (EGX) for its upcoming IPO. This move stands out against the trend of major players like OPay, PalmPay, and Airtel Money seeking international venues such as New York, Hong Kong, and London.

The company’s formal application to list 1.6 billion shares could value its domestic operations between $900 million and $1 billion—a significant milestone for the Egyptian fintech sector.

Why Cairo?

MNT-Halan’s decision reflects several factors:

• Deep Local Roots: The company serves over 7 million customers in Egypt, disbursing more than $10 billion in loans since its inception in 2018. It holds a 25% share of the country’s microfinance market.
• Domestic Investor Appetite: Following Valu’s successful IPO last year (which saw shares jump 852.4% on its first day), there’s demonstrated local interest in fintech stocks.
• Government Support: Egypt has actively promoted digital transformation and financial inclusion through technology platforms.

Broader Implications for African Markets

MNT-Halan’s path raises questions about why Africa’s most successful fintech companies often seek foreign exchanges. While factors like access to deeper capital markets and dollar-denominated exits play a role, the company’s success in building a viable local listing suggests alternative pathways exist.

This could offer hope for other African nations seeking to retain their tech champions on domestic bourses—particularly as governments prioritize digital economies and financial inclusion agendas.