The Financial Regulatory Authority (FRA) has granted MNT-Halan, Egypt’s leading fintech company, approval to introduce electronic Know Your Customer (e-KYC) in Egypt. MNT-Halan made the announcement via LinkedIn on Monday.
This provides a smooth digital experience and represents a major advancement in Egypt’s fintech industry.
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e-KYC removes traditional paperwork
e-KYC enables a fully digital onboarding process, removing the need for traditional paperwork and reducing friction.
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Users may open and activate their accounts in a matter of minutes and obtain immediate access to credit limits and investment options from any location at any time.
Mounir Nakhla, Founder & CEO of MNT-Halan, stated, “FRA’s approval of e-KYC marks a major step forward in our journey to simplify finance. This will unlock access to finance for millions of people digitally and allow us to break barriers like never before.”
This initiative highlights MNT-Halan’s dedication to using cutting-edge technology to drive financial inclusion in Egypt, guaranteeing that more people can easily access the financial services they require.
The e-KYC eliminates the need for paper signatures and in-person identity checks, making financial services more accessible and convenient.
About MNT-Halan
Egypt’s first unicorn, MNT-Halan, was established in 2018 with the goal of transforming financial services accessibility using technology in order to enhance lives.
Through the Halan app and its physical locations across the country, MNT-Halan offers consumer and business loans, pre-paid cards, e-wallets, savings accounts, and e-commerce services.
Since its founding, MNT-Halan has provided financial services to over 8 million clients worldwide, including both people and corporations.
In order to distribute, collect, and transfer funds digitally through mobile applications, MNT-Halan has the first independent electronic wallet license from the Central Bank of Egypt in addition to micro, consumer, and nano finance licenses from the Egyptian Financial Regulatory Authority.
MNT-Halan’s awards
The company has been recognised with numerous awards, such as Global Finance Magazine’s Most Innovative Fintech Company in the Middle East and Africa, Forbes Middle East’s “The Middle East’s Fintech 50,” and the Financial Times’ list of Africa’s Fastest Growing Companies for two years in a row.
Additionally, the MFR Global Rating Agency awarded the Egyptian subsidiary the Bronze “Client Protection” Certificate holder (under the Cerise + SPTF framework).