Egyptian fintech unicorn MNT-Halan is expanding its services to the United Arab Emirates (UAE) market, marking a significant milestone in its growth strategy. The company, which provides financial services including loans and e-commerce services, aims to serve the UAE's 3.7 million underbanked individuals by leveraging the country's strong economy and high smartphone adoption.

MNT-Halan's first offering in the UAE is "Halan Advance," which allows employees to access a portion of their salary in advance. The company plans to introduce credit, payments, and investment products to the Gulf region subsequently. Since its founding in 2018, MNT-Halan has issued over $4.4 billion in loans and has 2.2 million quarterly active users. In 2022, the company surpassed $300 million in gross revenue.

The expansion follows MNT-Halan's $157.5 million funding round and its entry into the Turkish market in July. The funds aim to fuel the company's growth beyond Egypt. In March 2024, MNT-Halan acquired Advans Group in Pakistan, a microfinance bank with over 62,000 clients and 19 branches. Later, in July, the company acquired Tam Finans, a Turkish company, to enhance its micro-lending and factoring services.

MNT-Halan's expansion into the UAE is a strategic move to tap into the country's growing fintech market. The company's focus on serving underbanked individuals aligns with the UAE's vision to promote financial inclusion and digital transformation. With its proven track record in Egypt, Turkey, and Pakistan, MNT-Halan is well-positioned to make a significant impact in the UAE market.

In related news, Nigeria has recorded its highest inflation figures in 2024, with a 34.60% inflation rate for November. The National Bureau of Statistics announced the figures, which were largely due to increases in transport and food prices. Despite multiple rate hikes to curb inflation, the Central Bank of Nigeria (CBN) anticipates a decline in inflation by the second half of 2024 and a potential interest rate reduction in the second half of 2025.

In other startup news, develoPPP Ventures has selected nine startups from Nigeria and South Africa to receive €100,000 each in non-dilutive funding. The fund targets early-stage companies with business models that improve living conditions in developing economies. In addition to funding, the startups will receive technical assistance to support their growth.

For more insights on the business and economy of tech in Africa, sign up for our newsletters, including The Next Wave, Entering Tech, and TC Scoops.