Egypt: MNT-Halan lists on the Cairo Stock Exchange, public tranche oversubscribed 43.6 times

Egyptian fintech MNT-Halan made its debut on the Cairo Stock Exchange (EGX) on October 20, 2026, under the ticker HALN.CA, following a massively oversubscribed offering. Shareholder MNT Investments B.V. sold 320 million existing shares, representing 20% of the company's capital, reports Disrupt Africa.

The demand figures are unusual. The public tranche of 48 million shares was oversubscribed 43.6 times, with more than 41,500 subscription orders. The private tranche of 272 million shares was oversubscribed 11.2 times, and 19.4 times if anchor investors committed beforehand are excluded. The offering price and the valuation used were not disclosed in the reported transaction.

A company built on the unbanked

MNT-Halan was founded in 2018 by Mounir Nakhla, its CEO, with a simple goal: to digitally serve those ignored by banks and replace cash with electronic solutions. The company has built an ecosystem around this idea that covers credit for micro and small businesses, payments, consumer finance, and e-commerce.

Since its inception, it claims to have disbursed more than $15.5 billion in loans and served more than 8 million customers worldwide. Its subsidiaries, Halan and Tasaheel, report approximately 7.9 million customers since their launch, including nearly 1.9 million active customers each year, and more than 178 billion Egyptian pounds in financing granted, or about $3.3 billion. The company became a unicorn after several funding rounds, the most recent being in early October 2026.

Mounir Nakhla stated that the strength of the demand reflected "investor confidence in Egypt" and the ecosystem built by the group. He indicated that he now intends to expand the product range and deepen the relationship with customers.

Why this listing matters for the continent

The operation goes beyond the Egyptian context. Successful African fintechs most often raise their capital abroad and end up listed in London or New York, if they list at all. Here, a company born to finance neighborhood shopkeepers and micro-entrepreneurs is raising funds on an African exchange, from institutional investors as well as more than 41,500 savers who placed an order.

This is a concrete form of financial sovereignty: the value created by serving African customers remains accessible to African shareholders. The other half of the equation remains, which the subscription figures do not address: the cost of credit granted to micro-entrepreneurs and the sustainability of their debt. A listed company will now have to provide public accounts on this, quarter after quarter.