Egypt-based MNT-Halan has completed securitised bond issuances worth USD 82 million via subsidiaries Tasheel Finance and Halan Consumer Finance.
They come as the group's active loan portfolio approaches USD 1 billion. According to company statements, MNT-Halan had an active loan book of USD 947 million as of 30 June 2026. Its cumulative credit disbursements since its establishment stood at USD 6.1 billion.
The funding strengthens the group's balance sheet and supports its lending activity. It arrives at a time of elevated domestic interest rates and inflationary pressure on household real income in Egypt.
Transaction structure
The debt was issued through the group's two main operating subsidiaries. Tasheel Finance, the microfinance arm, issued two tranches worth USD 24.6 million and USD 46.8 million. Halan Consumer Finance, the consumer finance arm, issued a single tranche of USD 10.8 million.
All three tranches have a 13-month maturity. Each received an 'A-' credit rating from Middle East Credit Rating and Investor Services (MERIS).
A consortium of CI Capital and Al Ahli Pharos acted as financial advisers. The other parties to the transaction were Matouk Bassiouny & Hennawy, which provided legal counsel, Baker Tilly, which served as financial auditor, and Capital Securitization, which executed the transaction vehicle.
Structured debt offerings have become a primary capital management tool for Egyptian non-bank financial institutions. They allow private operators to transfer loan portfolios off their books, release regulatory capital, and maintain liquidity without depending on commercial bank credit lines. Other players in the BNPL and retail finance segment have used the same approach to fund growth, including Valu, which is backed by EFG Hermes.
Market position and distribution model
By the end of December 2025, MNT-Halan held a 24.3% share of Egypt's non-bank microfinance market by loan book value. It also accounted for 14% of non-bank consumer finance disbursements, and its share of small and medium-sized enterprise financing has been growing.
The group combines digital channels with a physical network. As of mid-2026, it operated 1,200 distribution points across 25 Egyptian governorates. These include traditional branches, retail partner locations, shopping mall kiosks, and seasonal outlets.
On 30 June 2026, MNT-Halan reported approximately 1.9 million active borrowers. It has issued 1.4 million payment cards since launching its card issuance division in October 2023.
Regulatory backdrop and IPO plans
The expansion of non-bank lending is taking place under closer supervision from Egypt's Financial Regulatory Authority (FRA). The FRA has introduced stricter oversight of capital adequacy, anti-money laundering compliance, and consumer lending practices.
Micro-lending in Egypt remains closely linked to rural and productive commerce. Sector-wide regulatory data shows that agricultural micro-loans accounted for more than 25.6% of total sector loan balances in the second quarter of 2026.
The issuances add to MNT-Halan's funding base as it prepares for a planned initial public offering on the Egyptian Exchange. The group intends to list up to 20% of its shares.
