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Egyptian fintech company MNT-Halan is considering listing only its Egyptian operations on the Egyptian Exchange at a valuation of between $900 million and $1 billion, while keeping its businesses in Turkey, Pakistan and the UAE privately held.

Citigroup and EFG Hermes are handling the potential offering, which could be completed this year, according to Bloomberg reports. If valued at $1 billion, the listing would become the second $1 billion public offering by an African technology company after Fawry’s 2019 IPO.

A Partial Listing, Not a Full IPO

MNT-Halan is planning a partial listing focused on its Egyptian arm rather than offering the entire group to public investors.

The Egyptian business is valued at between $900 million and $1 billion, while the wider group was valued at $1.4 billion during a funding round in June.

The difference between the two valuations does not represent a decline in the company’s value. Instead, it reflects the decision to keep part of the group’s operations outside the public market.

The timing and size of the potential offering have not yet been officially finalized, although talks with prospective investors have reportedly begun.

Why Does the Potential Listing Matter?

The potential IPO extends beyond the stock market. MNT-Halan serves customers through consumer finance and small-business financing, while its payment services are also used by merchants.

A successful listing could increase the company’s financial transparency and oversight, while giving Egyptian retail investors an opportunity to gain exposure to the growth of the fintech sector.

It could also encourage other Egyptian technology companies to consider public listings, potentially supporting investment and job creation across the sector.

Key Players

MNT-Halan: Founded in 2018 by Mounir Nakhla, the company provides consumer finance, payments, digital wallets and financing for e-commerce merchants, focusing on customers underserved by traditional banks.

UAE-based Chimera: The investment firm acquired a stake of more than 20% for $200 million in 2023, helping MNT-Halan become Egypt’s first fintech unicorn.

Al Ahly Capital: The investment arm of National Bank of Egypt joined the June funding round, becoming the first Egyptian commercial bank to hold a stake in the company.

Citigroup and EFG Hermes: The investment banks are leading preparations for the potential IPO.

MNT-Halan Targets Larger Financing Portfolio

MNT-Halan is targeting a financing portfolio of between $4.5 billion and $5 billion by the end of this year, compared with approximately $3.5 billion expected for 2025.

The target comes as Egypt’s consumer finance market expanded by 57% in 2025, reaching 96.3 billion Egyptian pounds.

Could MNT-Halan Repeat Fawry’s Success?

Although no official timetable has been announced by the company or its advisers, expectations that the deal could be completed this year put the coming months under close scrutiny.

The market is also watching whether a successful MNT-Halan listing could encourage other companies, including Banque du Caire and Misr Life Insurance, to pursue listings on the Egyptian Exchange.

The Egyptian stock market has risen by about 24% this year, driven primarily by purchases from retail investors and local investment funds.

The key question is whether MNT-Halan can replicate Fawry’s success seven years after its IPO and trigger a new wave of fintech listings in Egypt, or whether the current economic environment will present a different set of challenges.