Egyptian fintech giant MNT-Halan acquires Pakistan's Advans Bank
TLDR
- CCP approves acquisition of Advans Pakistan Microfinance Bank by MNT–Halan Pak B.V.
- MNT–Halan Pak B.V., a Dutch-Egyptian financial player, secures approval from SBP in October 2023.
- Deal between MNT and Halan aims to enhance digital transactions in lending and payments sectors in Pakistan.
In a significant development for Pakistan's financial landscape, the Competition Commission of Pakistan (CCP) has approved the acquisition of Advans Pakistan Microfinance Bank by MNT–Halan Pak B.V., a Dutch-Egyptian financial player.
The share purchase agreement, inked in August 2023, received the State Bank of Pakistan's (SBP) nod in October 2023. However, the deal awaited CCP's clearance and fulfillment of certain conditions precedents for official confirmation.
MNT–Halan Pak B.V., headquartered in the Netherlands, operates in Pakistan through subsidiaries Halan Wallet (Private) and Halan Finance. The company is a product of a share swap agreement between Dutch microlending firm MNT and Egyptian fintech startup Halan in 2021, aiming to drive digital transactions in the lending and payments sectors.
Points clés à retenir
Having begun life as a ride-hailing app back in 2018, MNT-Halan has morphed into a super app of sorts, and in the process become Egypt’s largest and fastest-growing lender to the unbanked. The acquisition deal marks the latest effort in its plan to expand across the Middle East and Africa region. The deal also carries substantial implications for Pakistan's microfinance banking sector, vital to the nation's financial inclusion efforts. With the sector serving 76% of all borrowers in the financial domain, its role is critical in expanding access to financial services. Additionally, microfinance banks contribute significantly to agricultural advances, accounting for around one-third of all outstanding loans in the sector.
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