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Egyptian Fintech Unicorn MNT-Halan Raises $130M in Securitisation

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Egyptian fintech unicorn that provides lending, payments, and e-commerce services to the unbanked population in Egypt, MNT-Halan, has raised a $130M securitization, bringing its total securitizations this year to $400 million.

The company announced that it has secured fine tranches of securitized bond issuances this year, with the latest US$ 130 million securitization which was done through local investment bank CI Capital.

MNT-Halan has obtained much of the finance this year by securitizing its loan book, now worth $650 million and growing by 4 to 5% a month.

The recent securitizations, gives the Fintech company a unicorn status, with a valuation of over US$1 billion. It also announced that is targeting to secure another US$150 million by year-end in December.

MNT-Halan said the appetite for these issuances reflected the resilience of its business model, “the high quality of its loan book, and a robust pay-back ability of the underlying loan book.

The company’s founder and CEO Mounir Nakhla said,

“We are seeing very strong demand for off-balance sheet funding as we enter 2024. This is primarily a result of, the high quality of our underwriting. This gives us great comfort as our loan book of US$650 million is growing at four-five percent month-over-month. We are excited to continue launching new digital financial products in Egypt and beyond”.

About MNT-Halan

Founder in 2018 with its headquarters in Cairo, MNT-Halan is Egypt’s leading fintech startup and is the largest and fastest-growing lender to the unbanked and underbanked.

The startup initially launched as a ride-sharing and delivery app, but due to its focus on commerce and lending, it had to shut down its ride-hailing operations which was one of its core offerings.

In 2022, it announced the acquisition of Talabeyah, a B2B e-commerce platform that offers FMCG supplies directly to small merchants, retailers, and consumers, meeting all their requirements with next-day delivery.

The startup digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce. It serves more than 5 million customers in Egypt, of which 3.5 million are financial clients and over 2 million are borrowers.

With a diversified portfolio of services and innovative solutions; including digital payment solutions: mobile wallets and cards. MNT-Halan has an Unparalleled BNPL E-commerce platform for home appliances and the FMCG sector.

Notably, MNT-Halan has obtained the micro, consumer and nano finance licenses from the Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt.

It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.

MNT Halan investors include CHIMERA, Lorax Capital Partners, Battery Road Digital, algebraventures, endeavor Egypt, Middle East Venture Partners, Wamda, Shaka, and DPI.

Musk Unveils Grok, xAI’s Language Model, Says It Performs Better Than Others

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Elon Musk has unveiled Grok, the latest development from his new AI company, xAI, following the recent announcement of the AI model’s capabilities on X, which was formerly known as Twitter.

Described by xAI as modeled after “The Hitchhiker’s Guide to the Galaxy,” Grok has been designed to bring a touch of humor and a “rebellious streak” to AI. The company’s statement indicates that Grok is intended to tackle the “spicy questions” that other AI models might typically avoid.

“Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humor!,” xAI said.

“A unique and fundamental advantage of Grok is that it has real-time knowledge of the world via the ? platform. It will also answer spicy questions that are rejected by most other AI systems.”

In anticipation of Grok’s launch, Musk posted an example on X, where a user requested a step-by-step cocaine recipe. Grok’s response was witty, stating, “Oh sure! Just a moment while I pull up the recipe for homemade cocaine. You know, because I’m totally going to help you with that.”

One notable feature of Grok is its access to data from X, which xAI claims provides it with an advantage in terms of information. Musk highlighted this advantage by posting a side-by-side comparison of Grok and another AI bot, demonstrating Grok’s access to more current information.

However, xAI emphasized in its statement that, like other Large Language Models (LLMs), Grok can still generate false or contradictory information.

The prototype of Grok is currently in its early beta phase, with only two months of training, and it is initially available to a select group of users for testing. Users can join a waitlist for the opportunity to use the AI bot. Musk also revealed that Grok will eventually become a feature of X Premium+, which costs $16 per month.

Elon Musk appears to be positioning xAI as a potential competitor to companies such as OpenAI, Inflection, and Anthropic. According to initial tests conducted by xAI on middle school math problems and Python coding tasks, Grok outperformed “all other models in its compute class,” including ChatGPT-3.5 and Inflection-1. However, it was surpassed by bots with access to larger data sets.

“In some important respects, it is the best that currently exists,” Musk noted in a post on X leading up to the Grok announcement.

The term “Grok” has its origins in Robert A. Heinlein’s 1961 science fiction novel, “Stranger in a Strange Land.” In the book, ‘grok’ is a Martian word with no direct Earthling translation but is generally understood to mean having profound empathy or intuition. Merriam-Webster defines it as “to understand profoundly and intuitively.”

xAI was launched in July with a team that includes former employees of OpenAI, DeepMind, and other prominent organizations. The company is still actively hiring for various roles.

The company’s stated mission is to build artificial intelligence to advance our collective understanding of the universe. Musk has previously criticized AI development for leaning too far toward “politically correct” systems, and xAI aims to create AI for individuals of all backgrounds and political views. Grok is seen as a means of testing this approach in a public setting.

However, the company said that “Grok is still a very early beta product – the best we could do with 2 months of training – so expect it to improve rapidly with each passing week with your help.”

Nigeria Must Support Dangote Refinery On The Crude Oil Supplies

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Everyone knows that I am a BIG FAN of Dangote because he has done so many GREAT things for Nigeria. Sure, despite all the accusations and counter-accusations with BUA Group, we must not throw away a baby with the dirty water. Yes, that oil companies which are to supply Dangote Refinery with crude oil are suddenly giving him tough challenges, must not be seen as another problem a business must fix in Nigeria.

Simply, this goes beyond Dangote to “why are things always complicated in Nigeria”? Are you saying environmental ordinances were not followed for a multi-billion dollar project like this? “Environmental and regulatory concerns also play a role in these negotiations. Oil companies are insisting on compliance with stringent environmental standards and regulatory requirements, which could entail costly upgrades and adherence to strict emissions controls.”

Good People, you may dislike, or like him as I do, Dangote needs all the help to make sure this refinery works. We cannot be killers of dreams, and all these challenges when he is about to hit the markets should be managed and the government MUST look into them. Like the generator mafia, there could be petrol mafia who will NEVER allow any working refinery in Nigeria. Nigeria needs to resist them, for Dangote, and EVERYONE.

Sure – I get the memo, they can make more money by selling to India over Dangote Refinery. And that is where Nigeria needs to play a role because Dangote Refinery can possibly make more money by selling petrol to Benin Republic over Nigeria. That these things were not worked out years ago should trouble any observer.

Here is the summary: “Dangote Refinery’s success is essential not only for Nigeria but for the entire African continent. It promises to transform the region’s energy landscape, create job opportunities, and reduce the country’s reliance on foreign oil imports. However, the formidable conditions set by oil companies represent a formidable challenge.” Nigeria needs to assist.

3 Best Cloud Mining Platforms 2023 (Earn Money at Home)

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Cryptocurrency mining has revolutionized the way people can earn money, and cloud mining is at the forefront of this innovation. This article introduces the five best cloud mining platforms for 2023, providing a genuine opportunity to earn money from the comfort of your home.

Cloud Mining Platform

1?CGMD miner ?9.8?

CGMD miner platform has rapidly risen to become a top-tier cloud mining service provider. With over 280,000 users worldwide, the platform has gained widespread recognition. Its user-friendly interface caters to a diverse audience, welcoming both novices and seasoned users to explore and purchase mining contracts seamlessly.

What sets CGMD miner apart is its commitment to sustainability, using solar power generation to minimize its ecological footprint. Moreover, it stands out as a dependable and secure cloud mining solution, ensuring consistent daily payouts for its users.

How to Get Started:

Initiating your cloud mining journey with CGMD miner  is a straightforward process. Follow these simple steps to begin earning a passive income:

Register on CGMD miner and get a $10 bonus

Choose a Plan: Select a mining plan that aligns with your goals.

Start Mining: Begin mining immediately, and let CGMD miner’s powerful hardware work for you.

Receive Daily Payouts: Enjoy the convenience of daily payouts, providing a consistent income stream.

Invite friends to join and get a permanent 3% reward.

Customer service 24 hours online service

Contract of SloMining

CGMD miner offers contracts that are not only straightforward but also highly diverse, providing you with a range of options to suit your investment needs. They offer stable and no-risk fixed returns.

To learn more about CGMD Miner and start your journey towards passive income, visit the official website at https://cgmdminer.com

CGMD miners can enter “CGMD” in the Google App Store or Apple Store to download the application.

2?Binance?9.6?

Binance, a prominent international company, proudly holds the title of the largest cryptocurrency exchange in terms of daily trading volume. Renowned for its immense popularity, the platform boasts a user base of approximately 90 million individuals spanning the globe. One of the key factors contributing to its widespread appeal is its capability to facilitate cryptocurrency mining directly from internet-enabled devices, be it mobile phones, computers, or tablets.

Registering on Binance is a straightforward process, and users have the opportunity to enhance their mining capabilities by taking advantage of the platform’s customer loyalty program. Additionally, mining sessions conclude every eight hours, offering the prospect of potential payouts.

3?Kucoin?9.5?

KuCoin Pool has a mission to establish the largest Proof of Work (PoW) mining pool globally, with a primary focus on bolstering the security of both Bitcoin and Litecoin blockchain networks. As a comprehensive solution provider, KuCoin Pool offers users a seamless experience, featuring a unified platform that delivers an array of services.

With a strong foundation in technical research and development, KuCoin Pool ensures the accuracy of hashrate data and endeavors to maximize mining earnings for its users. This commitment to excellence in mining operations sets it apart as a reliable and high-performance choice for cryptocurrency miners.

Conclusion

Cloud mining has transformed cryptocurrency mining by simplifying the process and making it accessible to a wider audience. With these five best cloud mining platforms for 2023, you can embark on a journey to earn money from cryptocurrencies without the complexities associated with traditional mining. Take advantage of these leading cloud mining providers to make money from the comfort of your home.

The Alarming rise of Antisemitism in France

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“Antisemitism is not only a problem for Jews. It is first and foremost a problem for others.” President Emmanuel Macron.

In the past month, France has witnessed a disturbing surge of antisemitic incidents, ranging from vandalism and graffiti to physical assaults and threats. According to the interior minister, Gérald Darmanin, there have been more than a thousand antisemitic acts recorded since the 7th of October, when a Jewish teacher was stabbed in the street by an Islamist extremist.

Some examples of these acts are:

On October 7, a Jewish teacher was stabbed in the street by an Islamist extremist who shouted “Allahu Akbar” and “dirty Jew”.

On October 15, a synagogue in Strasbourg was defaced with swastikas and anti-Jewish slogans.

On October 18, a Jewish cemetery in Lyon was desecrated with Nazi symbols and insults.

On October 21, a Jewish woman was attacked by two men who tried to rip off her Star of David necklace and spat on her face.

On October 24, a Jewish family was harassed and threatened by a group of youths who threw stones at their car and yelled “death to the Jews”.

This represents a 40% increase compared to the same period last year, and a 70% increase compared to 2019. The interior minister denounced these acts as “unacceptable” and “intolerable” and vowed to reinforce the protection of Jewish sites and communities across the country. He also announced that a national plan against antisemitism will be presented by the end of the year, with measures to combat online hate speech, educate young people, and support victim1s.

The recent wave of antisemitism in France is part of a broader trend that has been observed in Europe and beyond, fueled by radical ideologies, conspiracy theories, and social media. The COVID-19 pandemic has also exacerbated existing prejudices and tensions, as some have blamed Jews for spreading the virus or profiting from it. In addition, the recent escalation of violence between Israel and Hamas has sparked anti-Israel protests that have often turned into antisemitic expressions.

The Jewish community in France, which is the largest in Europe and the third largest in the world, has faced recurrent attacks and discrimination for decades. Many Jews have reported feeling unsafe or unwelcome in their own country, and some have chosen to emigrate to Israel or elsewhere. According to a survey by the European Union Agency for Fundamental Rights, 95% of French Jews consider antisemitism to be a serious problem in their country, and 46% have experienced some form of antisemitic harassment in the past five years.

Antisemitism is not only a threat to the Jewish community, but also to the values and principles of the French Republic. It undermines the ideals of liberty, equality, and fraternity that are at the core of French identity and democracy. It also fuels division and hatred among different groups of citizens, weakening the social cohesion and solidarity that are essential for facing the challenges of today and tomorrow.

That is why it is imperative to stand up against antisemitism in all its forms, and to defend the rights and dignity of every human being. As the French president, Emmanuel Macron, said on the 75th anniversary of the liberation of Auschwitz: “Antisemitism is not only a problem for Jews. It is first and foremost a problem for others.”

The national plan against antisemitism is an update of the previous plan that was adopted in 2015 and revised every three years. It contains 80 measures across five categories: measuring, describing, educating, sanctioning, and supporting. Some of the measures are:

Training civil servants on discrimination and hate speech. Studying discrimination in hiring and access to housing. Streamlining the process for victims to file complaints. Making harsher penalties for government employees who participate in racist or antisemitic speech or actions.

Requiring teachers to receive training on antisemitism and racism. Giving every student the opportunity to visit historical or memorial sites linked to antisemitism or racism. Setting up roving exhibitions about antisemitism and racism in schools. Adapting French law to prevent accused perpetrators from fleeing the country.

The plan was developed by the Interministerial Delegation for the Fight Against Racism and Antisemitism (DILCRAH), with advisory input from the American Jewish Committee (AJC). The AJC praised the plan as “robust” and “essential” and noted that it includes indicators to measure its effectiveness.