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Egyptian fintech company MNT-Halan, secures $400 million in new funding

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Egyptian fintech venture and capital equity company, MNT-Halan, has made history after securing a record $400 million funding from Abu Dhabi based angel investors, Chimera.

The company which is one of Egypt’s fastest growing fintech ecosystem, said Chimera invested more than $200 million in equity in exchange for over 20% shares of the company while the company is in advanced stages with leading international investors to raise a further $60 million of primary capital.

The company also announced two funding totaling $140 million through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank.

According to MNT-Halan Founder and CEO, Mounir Nakhla, in a statement on Thursday, said on the successful completion of the investments, the company’s valuation will exceed $1 billion.

“These investments demonstrate continued confidence in MNT-Halan’s value proposition, management team and superior technology, and will also enable international growth,” Nakhla said.

This funding, he said, follows a $120 million investment in Q3 2021 by other major global and regional growth investors, including Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners.

“As one of the region’s premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy.

“The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation,” Nakhla said.

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Tanzania’s auto-tech startup Spana is simplifying car maintenance— CEO

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Tanzania’s auto-tech startup, Spana, has developed a mobile application for a bouquet of automobile services, enabling individual car owners and businesses to request auto diagnostic checks, vehicle servicing, and repairs, or subscribe their vehicles to annual routine maintenance, according to co-founder and CEO, Julius Mbungo.

Mbungo who made the boast in an interview on Wednesday, said the startup which was founded in late 2023 by himself, Ebenezery Kimaro, and John Mwapinga, allows “users to access reliable mechanics, their car’s maintenance history, track expenses, and receive service reminders, among other things.”

In the interview, Mbungo said before coming up with the startup, he had, in 2022, conducted a survey of car owners, mechanics and garage owners to learn about how car owners access services for their cars and the challenges they face when it comes to dealing with mechanics.

“We talked to more than 800 people, and the results were astonishing. Eighty per cent weren’t very happy with existing solutions, and those who were at least satisfied complained about the rip-off from some of the service providers,” he stated.

“Tanzania, like most Sub-Saharan African countries, is a used-car dominated market, by a ratio of 90:10, where cars as old as 20-years still find their way onto the roads.

“The used cars are powered by after-market spare parts where most are fake, leading to frequent breakdowns and car owners spending four times more on maintenance. There’s also a lack of expertise and modern tools,” Mbungo said.

He emphasized that “Spana is on a mission to provide efficient, affordable, and transparent auto repair and maintenance, combating counterfeit spare parts.”

“We want to foster a vehicle maintenance culture in Tanzania, helping customers with repairs and spare part procurement along the way.

“We want to prolong the longevity of Tanzanians’ vehicles and keep our roads and people safe.

“Since our inception, we have 30 workshops registered on our platform, and 180 mechanics, with over 1,000 cars registered.”

He stressed that the platform currently operates in two Tanzanian cities – Dar es Salaam and Arusha – with plans to expand to Dodoma and Zanzibar later this year.

“But we are looking forward to adding more services on the platform, such as vehicle insurance and vehicle repair loan,” Mbungo added.

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Institute calls for responsible social media usage among youths

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Smart Zambia Institute has reiterated the importance of youths to use social media responsibly.

Senior Business Applications Officer at the e-Government Division, Kamuvwi Lungu, emphasized the existence of strict measures on government communication platforms aimed at prohibiting users from posting profanity or engaging in abusive behaviour.

This information was conveyed in a post reflecting on the digital transformation discussion held on the Smart Zambia official Facebook page on Tuesday.

“These security measures are crucial for identifying and regulating individuals who violate these guidelines,” Smart Zambia stated.

The institute said the primary purpose of such policies was to maintain a respectful and constructive online environment while promoting responsible online behaviour among users.

“It served as a reminder of the importance of creating a safe and respectful online space while harnessing the benefits of social media for personal and professional growth,” it added.

The institute described social media as a powerful tool for communication and networking adding that it is a platform that requires careful monitoring and regulation to ensure a positive user experience.

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