MNT-Halan, Egypt’s FinTech player, has announced the successful addition of its Buy-Now-Pay-Later (BNPL) feature to its comprehensive 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 or R154 million 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.
“We are revolutionising 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,” MNT-Halan CEO Mounir Nakhla said.
“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.”
The BNPL process is simple and provides the customer with 3 options:
- Online E-Commerce:
- Access the E-Commerce Catalogue on the Halan app
- Choose from an online product catalogue and then apply for a loan to finance purchase which will be approved in the same day
- Product is delivered within 24-48 hours
2. Online Merchant Website:
- Select payment options from the merchant list: cash, credit, or Halan card
3. Vendors:
- Choose from the Halan app the preferred merchant to show the direction to the store
- Pay for the products with the Halan BNPL/consumer finance limits shown on the app
- Merchants approve payments through the Vendor App
