Ghabbour Auto’s MNT Merges with Halan in Share Swap

Ghabbour Auto’s MNT Merges with Halan in Share Swap
Source: Cytonn Photography, Unsplash

MNT BV, a Netherlands corporation and subsidiary of Ghabbour Auto, announced today that it has entered into a share swap agreement with Halan Inc. (“Halan”), a Delaware corporation and Egypt’s super app. This follows the recent consolidation of 100% of the shares of Raseedy, the first independent and interoperable digital wallet in Egypt licensed by the Central Bank of Egypt.

MNT-Halan was founded in 2018 to digitally bank the unbanked and substitute cash with electronic solutions. MNT-Halan has obtained the micro, consumer and nano finance licenses from the Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt. It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.

This transaction will serve to accelerate the digitization of the lending and payments industries in Egypt and its surrounding region. The terms of both transactions were not disclosed.

Commenting on the transaction, Mounir Nakhla, Founder and CEO said, “This transaction acts as a catalyst in digitizing lending, payments, e-commerce, consumer finance (buy now pay later) and logistics for millions of underserved and unbanked customers. Our digital platform will enable them to seamlessly access all of their financial and commercial needs. This is a turning point in our history.” Nakhla is also an Endeavor entrepreneur.

Halan Co-Founder and CTO Ahmed Mohsen added, “I am pleased to see everything come together. We are experiencing exceptional growth and our infrastructure is built to scale. All the digital solutions are developed in-house, including the core banking system, consumer-facing platforms, payment solutions, merchant application, and all the required integrations. As the momentum continues, we look forward to expanding outside of Egypt.”

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