Egyptian Fintech Pioneer MNT-Halan Set to List in Cairo

MNT Tech Holding, the financial arm of Egyptian fintech unicorn MNT-Halan, has filed for an initial public offering (IPO) on the Egyptian Exchange. This move positions the company to potentially reach a valuation between $900 million and $1 billion.

The decision comes amid a wave of IPO plans from Africa’s largest fintech players, most of whom are opting for international exchanges: OPay is eyeing a U.S. listing at a $4 billion valuation, while PalmPay prepares for Hong Kong and Airtel Money targets London with an estimated $10 billion valuation.

Why Egypt?

MNT-Halan’s decision to list locally offers one answer to why Africa’s most successful fintech companies are increasingly seeking foreign exchanges. The company has cultivated deep roots in the Egyptian market, serving over 7 million customers and disbursing more than $10 billion in loans since its founding in 2018.

With operations spanning Egypt, the UAE, Turkey, and Pakistan, MNT-Halan’s IPO will focus solely on its domestic business—a strategic move that leverages its leading position in a rapidly growing market. The company already holds over 25% of Egypt’s microfinance sector and ranks as the seventh-largest financial institution by reach.

A Test for Local Markets

The listing represents both an opportunity and a challenge for the Egyptian Exchange, which has seen strong performance this year but lacks the depth to compete with global venues. Meanwhile, factors like dollar capital holdings (76.5% of Nigerian-funded startups) and currency exchange risks often favor foreign listings.

MNT-Halan’s bet is that its domestic investor base—which demonstrated enthusiasm for fintech stocks through previous investments in companies like Valu—will create a viable path to public markets in Cairo.