MNT-Halan acquires 100% of Advans Pakistan from Leading International Microfinance Group
- Strategic acquisition marks inaugural expansion of Egypt’s leading fintech and first unicorn
- The acquired bank provides MNT-Halan immediate scale with over 62,000 clients and 19 branches
Cairo ─ 26 March 2024 ─ MNT-Halan, Egypt’s leading fintech announced today that it has acquired the Advans Pakistan microfinance bank, a subsidiary of international microfinance Group Advans that operates in Africa and Asia. The State Bank of Pakistan and the Competition Commission of Pakistan have both approved the transaction.
As a result of the transaction, MNT-Halan will accelerate the bank’s development and digital transformation to better serve its clients, in line with its core strategy, whether they are micro, small or medium business owners. With similar demographics, cultures, and regulatory frameworks, Pakistan provides an attractive market opportunity for MNT-Halan to deliver its innovative financial products.
Commenting on the transaction, Steven Duchatelle, CEO Advans Group, stated, "The Advans Group has successfully achieved its objective of establishing a leading microfinance institution in Pakistan for small businesses in the Sindh region. After a decade of dedicated efforts, we were looking for a shareholder in capacity to invest massively in the bank’s growth and digitization and decided to transfer ownership to MNT-Halan, which shares our vision of extending financial access to underserved populations. We anticipate that their digital services will significantly enhance client engagement and retention, further advancing our mission."
MNT-Halan Founder and CEO Mounir Nakhla added, “Pakistan is very similar to Egypt; it has a large population that is underbanked and that is heavily reliant on cash. We are excited to extend our services to Pakistan and help unlock access to financial services by leveraging both our technology and our experience. As we deepen our presence in Pakistan, we are committed to continuing to invest, expand our product offering, and make a profound impact on all stakeholders.”
About MNT-Halan
MNT-Halan, Egypt’s first unicorn, was founded in 2018 in Egypt, with a mission to revolutionize access to financial services through technology. Serving millions, MNT-Halan’s transformative digital platform improves lives by creating convenient, seamless, and cost-effective financial solutions for people and aspiring businesses. Committed to innovation and simplicity for everyday life, MNT-Halan believes financial access enables people to fulfill their dreams. The MNT-Halan digital ecosystem includes small and micro-business lending, payments, consumer finance, and e-commerce. With +1.5 million quarterly active users, MNT-Halan disbursed over 3.5Bn in loans and served more than 7 million customers in Egypt, of which 5 million are financial clients and 3 million are borrowers. MNT-Halan holds the micro, consumer, and nano finance licenses from the Financial Regulatory Authority and the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.
About Advans Group
Advans is a leading international microfinance group established in 2005 with a mission to build a model group of financial institutions which contribute to strengthening local businesses, creating and sustaining jobs and improving clients’ living standards to foster private sector-led economic and social development in Africa and Asia. With a loan portfolio of 1.7 billion Euros, and 1.1 billion EUR in deposits, Advans operates in Cambodia, Cameroon, Ghana, Democratic Republic of Congo, Cote d’Ivoire, Nigeria, Tunisia, Myanmar. The Group’s 7,500 employees serve over 1.25 million customers.
Contacts
MNT-Halan:
Investor Contact
Andre Valavanis, SVP of Investments
Email: avalavanis@mnt-halan.com
Media Contacts
Eterna Partners
Communications advisors to MNT-Halan
Hannah Burns: +1 917 365 2601
Ben Cope: +44 7503 408 251
Email: mnthalan@eternapartners.com
Advans International:
Emmanuel Aris, Corporate Development Manager, Advans Group
Email: earis@advansgroup.com