MNT-Halan, Egypt's largest private non-bank issuer in the securitisation market, has raised EGP 3.4 billion, equivalent to approximately $71.4 million, through its seventh securitised bond issuance. The transaction forms part of a three-year EGP 8 billion programme, equivalent to $168 million, that was approved by Egypt's Financial Regulatory Authority and arranged by Commercial International Bank and CI Capital.
The October 2025 issuance is the latest in a sequence of securitisations through which MNT-Halan has tapped the Egyptian debt capital markets to fund the expansion of its lending and financial services business. As a non-bank financial institution, the company relies on capital market instruments rather than deposit-taking to finance its loan book, making the securitisation programme a central pillar of its funding strategy.
PROGRAMME STRUCTURE AND REGULATORY APPROVAL
The EGP 8 billion programme approved by the Financial Regulatory Authority provides MNT-Halan with a pre-approved framework within which individual tranches can be issued over a three-year period, reducing the regulatory lead time associated with each successive deal. The arrangement by CIB and CI Capital brings two of Egypt's most prominent capital markets franchises into the programme's distribution structure, lending it the credibility required to attract a broad base of institutional investors.
Securitisation involves the bundling of underlying financial assets — in MNT-Halan's case, consumer and micro-business loans — into a pool whose cash flows are used to service the bonds issued to investors. The legal separation of the asset pool from the originator's balance sheet provides investors with a defined claim and allows MNT-Halan to manage its overall leverage position more efficiently. Egypt's FRA has been a proponent of developing the domestic securitisation market as a mechanism for channelling capital into the financial inclusion segment.
The seventh issuance follows a $49 million corporate bond raised by MNT-Halan in May 2025, demonstrating the company's ability to access multiple instruments across both the debt capital markets and the securitisation market within the same calendar year. The diversity of funding sources reduces reliance on any single instrument or investor base, an important resilience consideration for a non-bank lender operating in an emerging market with periodic episodes of currency and liquidity volatility.
UNICORN STATUS AND MARKET POSITION
MNT-Halan achieved unicorn status following a series of equity and debt financings that established its valuation above the $1 billion threshold. The designation reflects the scale of the business it has built serving Egypt's large unbanked and underbanked population, providing consumer finance, micro-enterprise lending, and digital payment services to customers who have historically lacked access to formal banking products.
As Egypt's largest private non-bank securitisation issuer, MNT-Halan occupies a distinctive position in the country's capital markets. Its repeated return to the securitisation market has helped to develop investor familiarity with the asset class and has contributed to the gradual deepening of Egypt's non-bank financial sector, which regulators have identified as a priority area for development alongside the broader push to expand access to formal financial services.
The proceeds from the seventh issuance are expected to support continued growth in MNT-Halan's lending portfolio, enabling the company to extend credit to a broader base of Egyptian consumers and micro-enterprises. The remaining capacity under the EGP 8 billion programme provides meaningful headroom for further issuances as market conditions and investor appetite allow.