Fintech startup MNT Halan in Egypt has added a buy-now-pay-later feature to its digital ecosystem. This includes payments, consumer finance and bill payments.
MNT–Halan began life in 2018 as a ride-hailing app that was available for two- and three-wheeler cars. It has since grown to be a super app and is now Egypt’s fastest-growing lender to unbanked.
The startup’s fintech ecosystem is a proprietary one that connects customers, vendors, and micro-enterprises via its consumer-facing app and merchant app. It also offers payment solutions and ride-hailing services.
Disrupt Africa reported that the company had received a US$120m investment from major regional and global growth investors to expand its product. It has also added a BNPL feature into its ecosystem.
This new service gives users the ability to buy, pay for and receive anything they desire when they need it. Merchants can enjoy increased growth and customer loyalty through the availability of payment flexibility. Customers are able to use both their online and offline credit limits.
Over 1,500 merchants were onboarded via the Halan merchant app three months ago. More than 25,000 customers have transacted and an additional 50,000 customers are in the onboarding process.
We are changing the way Egyptians shop by offering value and convenience in one app. To expand our digital offerings, we are expanding our e-commerce platform as well as onboarding third-party merchants. The feedback from our merchants has been excellent off-line. Mounir Nakhla, CEO of MNT-Halan, said that he is very pleased to see that merchants are steadily growing their revenue streams.