An Egyptian startup, MNZL, is working to make lending accessible to millions of Egyptians who currently lack access to essential financial services. With Egypt being home to one of the world’s largest unbanked populations, many individuals are excluded from the financial tools they need, and MNZL aims to change that.
Founded in 2023 by entrepreneurs Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL offers asset-backed loans that allow users to leverage their assets, such as homes and cars, to obtain liquidity for their projects and personal needs. These loans are commonly used to fund education, small and medium-sized enterprises (SMEs), and other ventures that contribute to wealth generation.
Sameh Saleh, a serial entrepreneur and the creator of the dating website Harmonica, which was acquired by Match Group in 2019, conceived the idea for MNZL after observing the financial challenges faced by the unbanked population in Egypt.
I noticed how difficult it is to access credit in Egypt and, later, in Africa, compared to other regions where I’ve lived, Access should be straightforward for those who deserve it, but that’s not the reality here. This inspired me and my co-founders to seek a solution, especially since many Egyptians own assets that could be used to facilitate access to credit, similar to other countries.
Although MNZL is still in its early stages, Saleh has ambitious plans. After focusing on the Egyptian market this year, he aims to expand the startup’s reach to neighboring countries in the Middle East and Africa, with the goal of empowering people and contributing to the region’s economic growth.
