MNT-Halan, the Egyptian fintech player, has announced the addition of its Buy-Now-Pay-Later (BNPL) feature to its digital ecosystem that includes small and micro business lending, payments, consumer finance, bill payments, e-commerce, and delivery, all of which are backed by Neuron, the company’s proprietary technology.
As Egypt’s first provider of the full BNPL experience through the Halan consumer and merchant apps, users are given all the tools they need to purchase, pay and have delivered anything they want when they want it.
Merchants benefit from accelerated growth in their business and increased customer loyalty by offering payment flexibility. Customers are also able to use their credit limits both online and in stores.
Since its introduction three months ago, over 1,500 merchants have been onboarded through the Halan merchant app. More than 25,000 customers have transacted and an additional 50,000 new customers are currently in the onboarding process.
MNT-Halan is witnessing tremendous traction with more than $10 million dollars of bookings in December which have been growing at over 100% month-over-month. The revenue model for BNPL includes merchant rebates as well as interest revenue from consumers with credit limits.
MNT-Halan CEO Mounir Nakhla commented, “We are revolutionizing the shopping experience in Egypt by delivering value and convenience to the consumer in one app. We are also growing our e-commerce platform and onboarding third party merchants to increase our digital offering. Our off-line merchant feedback has also been phenomenal. I am very happy to see that we are significantly growing the revenue streams of every merchant we have onboarded.”
Ahmed Mohsen, MNT-Halan’s co-founder and CTO, added that “We’ve put a significant amount of effort into our BNPL and consumer financing features. From seamless checkout experiences to offline vendor discovery, the design is aimed at a positive customer experience, and we look forward to having Halan as the standard payment option in the near future.”
