MNT-Halan buys Advans Pakistan. Egyptian Fintech MNT-Halan just recently purchased Advans Pakistan Microfinance Bank. And for the time being, the firm is keeping the details of the deal quiet.
MNT-Halan Buys Advans Pakistan
In August 2023, the latest African unicorn finalized a significant deal, marking a milestone in its expansion journey. The State Bank of Pakistan granted approval to this agreement in October 2023, and after navigating through various regulatory processes, the Competition Commission of Pakistan has finally given it the green light.
This fintech giant already has a financial footprint in Pakistan through its subsidiaries, including Halan Wallet and Halan Finance. Notably, MNT-Halan is a collaborative effort between Dutch microlending company MNT and Egyptian fintech startup Halan.
The Driving Force Behind this Development
The driving force behind this development is MNT-Halan Pak B.V., a Dutch-Egyptian holding company poised to take the reins. Their ambitious expansion plans received a significant boost when they raised a staggering $400 million in February 2023.
Founded in 2017 by Mounir Nakhla and Ahmed Mohsen, this unicorn offers a range of financial and non-financial services, encompassing lending, buy now, pay later options, and on-demand logistics solutions.
Pakistan’s Microfinance Landscape
Meanwhile, Advans Pakistan Microfinance Bank holds a prominent position in Pakistan’s microfinance landscape. However, the company has faced challenges in recent years, leading to accumulated losses. With the acquisition, MNT-Halan aims to revitalize the operations of Advans Pakistan Microfinance Bank and chart a path toward sustainable growth.
The Terms of the Agreement
Under the terms of the agreement, MNT-Halan, operating through its parent company Advans S.A. SICAR, headquartered in Luxembourg, now assumes full ownership of Advans Pakistan Microfinance Bank. This strategic move underscores MNT-Halan’s commitment to leveraging its expertise and resources to drive positive change in the microfinance sector of Pakistan.
What This Development Means for MNT-Halan
Overall, this development represents a significant step forward for MNT-Halan as it continues to expand its presence and impact across diverse markets, leveraging partnerships and strategic acquisitions to realize its vision of financial inclusion and empowerment.
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