MNZL: Tapping into Assets with Digital Lending
Updated 8/13/2024 8:00:00 AM
Arab Finance: Egypt's asset market has long been an untapped reservoir of potential, with a significant portion of the population excluded from traditional financial services. This highlights a pressing need for innovative solutions to bridge this gap between unbanked people and financial accessibility.
Therefore, MNZL, a pioneering fintech startup, is poised to address this challenge head-on.
In this exclusive interview with Arab Finance, Founder of MNZL Sameh Saleh sheds light on the inspiration behind the company, its unique approach to asset-backed lending, and the company's ambitious growth plans.
1- MNZL is Egypt’s first digital wallet for assets. What inspired the creation of this unique concept?
In Egypt, less than 10% of adults have accessed credit from financial institutions. Most available loans are unsecured and come with restrictive conditions or very high costs. The lack of secured lending options contributes to high interest rates and limited access for the majority of the population.
Recognizing this gap, MNZL aims to tap into this substantial market by introducing a revolutionary wallet concept. This digital wallet allows asset owners to leverage their properties and vehicles easily and securely to meet their financing needs.
2- How does MNZL differentiate itself from traditional asset-backed loan providers?
MNZL is not just going beyond mere adjustments to existing financial models; it is revolutionizing the way Egyptians access credit.
By enabling Egyptians to safely harness their assets—homes or cars—for financial needs, MNZL provides secure financial leverage to families. This not only empowers them but also contributes to broader economic prosperity in the region.
3- MNZL operates in a dynamic financial landscape. How does MNZL stay competitive in the Egyptian fintech market?
We deliver a faster, more convenient, and more efficient process to our users. By harnessing the power of technology and AI, we provide an optimum experience for those looking to access credit through their assets.
4- What strategies does MNZL have in place to expand its user base and market reach in Egypt?
Recently, we launched our application, MNZL Wallet, which has already generated quite a buzz across the finance landscape and startup ecosystem. Currently, we are working on our launch campaign, using digital and offline tactics to reach our target audience.
5- Who is your target audience? And how do they interact with MNZL?
Despite being divided into many sub-niches, our target audience includes tech-savvy Egyptians who own a house and/or a car and are looking for easy access to credit without going through hassles or extremely high interest rates.
6- How does MNZL's recent $3.5 million seed funding round impact the company's growth and services? And how does MNZL plan to use the seed funding to scale its operations?
The recent $3.5 million funding round has accelerated MNZL’s growth. It allows the company to build a transformative platform that helps Egyptians unlock the real value of their assets, whether cars or houses, by providing easy access to credit tailored to their financial needs.
Backed by this new capital, MNZL plans to enhance technology and scale operations to empower more Egyptians. Given the vast market potential in Egypt and similar dynamics across the MEA region, MNZL positions itself as a pivotal player in the evolving landscape of global fintech.
7- What key challenges and opportunities does MNZL face in the evolving digital finance landscape? And how does the company plan to address them?
MNZL faces several key challenges and opportunities in the evolving digital finance landscape. The company must navigate the rapidly changing regulatory environment, ensure robust cybersecurity measures, and build trust with users who may be hesitant to adopt digital lending products.
One significant opportunity is leveraging the power of technology and AI to deliver a seamless, efficient user experience, making credit access faster and more convenient by tapping into the value of users' assets. The company's core investments in tech and digital fronts position it well to capitalize on this opportunity.
However, MNZL must also address the challenge of building the right infrastructure to support a secure and safe digital lending experience. Collaborating with regulators will be crucial to navigate this evolving landscape and ensure compliance.
8- How can MNZL and other fintech companies positively impact the financial landscape in Egypt and contribute to the financial inclusion of non-bankers?
Leveraging technology allows fintech companies to scale securely and digitally without the need for physical stores and offline activities. At its essence, this approach would allow much more inclusion for non-bankers in Egypt.
By providing user-friendly digital platforms, fintech companies can reach underserved populations who may not have access to traditional banking services.
Through collaboration with local communities and a focus on tailored financial products, MNZL and other fintech companies can create a more inclusive financial ecosystem that benefits all Egyptians.
9- What are your expectations for MNZL’s user base and market share by the end of 2024?
By the end of 2024, we aim to introduce a new digital lending product that will gain good enough early traction to lay the foundation for our vision to serve 1 million customers by 2028.
Related News
