Egyptian fintech giant MNT-Halan has significantly expanded its operations with the acquisition of Turkey’s largest nonbank micro-leasing company, Tam Finans. The deal, finalized with a substantial portion of the company’s recently secured $157.5 million funding, marks a strategic move to bolster MNT-Halan’s presence in both Egypt and Turkey.
The acquisition comes on the heels of Egypt’s economic stabilization efforts, which included the sale of the Ras El-Hekma development and a subsequent $8 billion IMF support package. This improved economic climate has enabled MNT-Halan to pursue ambitious expansion plans.
MNT-Halan CEO Mounir Nakhla expressed optimism about the deal, highlighting the complementary nature of the two companies. Tam Finans brings extensive experience in factoring, a financial service MNT-Halan is poised to enter in the Egyptian market. This synergy is expected to drive growth and efficiency in Egypt.
While Tam Finans has primarily focused on lending to small businesses, MNT-Halan has built a reputation for providing credit to underserved consumers. Nakhla believes this combination will create a powerful platform for offering a wider range of financial services to customers in both countries.
As part of the acquisition, MNT-Halan will introduce its popular electronic wallet system to the Turkish market. This digital payment solution has been a key driver of growth in Egypt and is expected to resonate with Turkish consumers.
With this acquisition, MNT-Halan solidifies its position as a regional financial leader. The company has also made investments in Pakistan and the United Arab Emirates, with plans to further expand into Saudi Arabia and South Africa.