Countrywide expansion: Halan receives licence from SBP
KARACHI: Halan Microfinance Bank ('the Bank'), a Pakistani microfinance bank owned by MNT-Halan, Egypt and the MENA region's first fintech unicorn, has received a national license from the State Bank of Pakistan, allowing it to expand outside Sindh to the rest of the country.
The national license permits the Bank to launch and manage financial services, including branchless banking, cards, mobile banking, retailer-based transactions, and wallet services. These services will complement the Bank's current product suite, which includes microfinance, salary advances, pensions, current accounts, and savings accounts.
Commenting on this development, Mounir Nakhla, Founder and Chief Executive Officer of MNT-Halan, said that securing a national license is a major step in our journey to serve more people and businesses across Pakistan. This milestone would not have been possible without the continued support of the State Bank of Pakistan, he said.
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
4 hours ago
- Express Tribune
Govt walks a tight rope
FDI in various sectors, including power, oil and gas exploration, financial, and petroleum refinery sectors, witnessed a 6.4-fold increase, reaching $211 million in December 2023 compared to $33 million last year. photo: afp Listen to article The government will walk a tight fiscal rope in the next fiscal year, too, as it plans to unveil the second budget on Tuesday envisaging a federal budget deficit of Rs6.2 trillion or 4.8% of size of the economy. The total size of the budget is expected to be around Rs17.6 trillion, which is 7.3% less than this year's original budget due to relatively lower allocations for the interest payments in fiscal year 2025-26, according to the Finance Ministry's budget estimates. The government sources said that the proposed budget deficit is 2% of the GDP or Rs2.3 trillion less than the original estimates of this fiscal year. The deficit may still be appearing large in absolute terms. But it is, for the first time, lower than this year's gap, both in terms of size of the economy and in absolute numbers. The tight budget envisages fiscal consolidation of 2% of GDP, as the government is planning to set the budget deficit target at 4.8% of GDP, the sources said. This will be 2% of GDP or Rs2.6 trillion lower than this fiscal year's target. Finance Minister Muhammad Aurangzeb will deliver his second budget speech on June 10. The expenditure path is known to be narrower and predicted. However, it seems that the government may again adopt the business as usual approach on the revenue front, which is unsustainable and puts the country's marginalized salaried class and corporate sector at risk of being insolvent. The fiscal consolidation is the need of the hour but it will drastically reduce the government's ability to spend due to no space left for any productive spending after making payments for the interest servicing and defense. However, whatever space is left is not prudently used and the sources said that the quality of spending becomes poorer with large allocations for provincial projects, discretionary spending on the schemes recommended by the Parliamentarians at the expense of space technology and atomic energy programmes. The sources said that the fiscal consolidation is again planned to be achieved by putting more burden on the people, directly as well as indirectly. The government is projecting gross federal revenues at record Rs19.4 trillion for next fiscal year, higher by Rs1.6 trillion. The gross revenues are based on the Federal Board of Revenue's tax target of Rs14.13 trillion and Rs5.2 trillion non-tax revenues. The non-tax income will mainly come from the Petroleum Levy, which the government wants to increases to nearly Rs100 per liter, and the profit by the State Bank of Pakistan. The sources said that like this fiscal year, the FBR may remain the weak area in the next fiscal year, too, despite the required growth to achieve the goal will be far lower than this year. The new tax collection target will become challenging from first day of next fiscal year because the FBR will not be able to achieve even the downward revised target of Rs12.3 trillion, said the sources. This will erode the base of new tax target. Prime Minister Shehbaz Sharif tried everything to put the FBR house in order but all those measures backfired. The FBR's ability to predict revenue estimates is also not up to the mark and this year the World Bank experts helped in projecting numbers, said the sources. Out of the Rs14.1 trillion FBR tax collection, the provinces will get Rs8 trillion as their shares in the federal taxes under the National Finance Commission award, the sources added. This leaves the federal government with Rs11.4 trillion net revenues for next fiscal year, which will not be sufficient to meet the interest payments and inclusive all defense spending, according to the government sources. The government will borrow Rs6.2 trillion in the next fiscal year to finance the Rs17.6 trillion total federal budget. Under the IMF programme, the four provinces are also required to save Rs1.33 trillion from their revenues as cash surplus to bring down the national budget deficit to Rs4.8 trillion or 3.7% of GDP, the sources said. This is steeper fiscal consolidation and would require all the five governments to meet all their revenue and expenditures related targets. The four provinces have indicated nearly Rs2.9 trillion for their development spending in the next fiscal year. This is Rs850 billion more than what the IMF has allowed to spend to the four provinces under the national fiscal framework. Punjab has indicated Rs1.2 trillion record spending on development, followed by Rs995 billion by Sindh.
Express Tribune
6 hours ago
- Express Tribune
US fund commits $10m to Pakistani startups
Listen to article A US tech fund has committed $10 million to two Pakistani IT entrepreneurs and IT experts have praised this move as it looks promising for the future. Tech analyst and expert Muhammad Yasir said that Pakistani IT firms are penetrating different traditional and non-traditional markets with their innovative products and services, which is a positive sign. Attracting investments from US-based companies will not only boost business growth and expansion of Pakistani IT companies but it will also improve the image of the country in the relevant sector, opening doors for other companies in high-end markets such as the US and EU. Pakistani IT companies need to reach more similar investors and venture capitalists in major traditional markets like the US, EU and non-traditional markets like the UAE and Saudi Arabia to expedite the overall growth of Pakistani IT exports and expansion. JR Dallas Tech Fund, the premier private investment arm of JR Dallas Wealth Management, announced a groundbreaking $10 million commitment to globally recognised technology leaders Mehwish Salman Ali and Malik Mudassir to spearhead an exclusive US-focused startup investment initiative. Under this landmark agreement, Mehwish Salman Ali and Malik Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the US. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence, cloud computing, digital health, and frontier technology ventures. "We are entrusting $10 million to two of the most visionary technology leaders of our generation," said Jehangir A Raja, Managing Partner at JR Dallas Tech Fund. "Mehwish and Malik represent the perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market." This $10 million commitment specifically targets startups with proven capabilities seeking to establish or expand operations within the US, creating a direct pathway for international innovation to contribute to American economic growth. The investment is likely to generate positive economic impacts as these companies are expected to generate 300-500 high-skilled technology positions within 24 months. Portfolio companies are projected to contribute $50-100 million in US economic activity within three years and accelerate breakthrough technologies in AI, healthcare, and cloud infrastructure. Mehwish Salman Ali brings unparalleled expertise as Founder & CEO of Data Vault, Pakistan's first solar-powered and quantum-encrypted AI data centre, Co-Founder of Zahanat AI, the country's first indigenous GPT model, and COO of AppsGenii Technologies. Malik Mudassir commands respect as Founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and Co-Founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. The $10 million fund operates under a rigorous investment framework designed to maximise both financial returns and economic impact: "Receiving this $10 million commitment from JR Dallas Tech Fund represents more than capital; it's a mandate to bridge the gap between global innovation and American market opportunity," said Mehwish Salman Ali. "We are committed to identifying startups that not only promise exceptional returns but also contribute meaningfully to US technological leadership." Malik Mudassir added, "This $10 million investment enables us to support visionary entrepreneurs who understand that scaling in America requires more than great technology it demands deep market insight, operational excellence, and strategic partnership. We're here to provide all three."
Business Recorder
7 hours ago
- Business Recorder
Islamabad: rates of sacrificial animals increase
ISLAMABAD: The prices of sacrificial animals have registered an increase of 75-100 per cent this year as compared with the prices of past year, revealed a survey carried out by Business Recorder. Animal traders have stated various reasons for such a huge increase in the prices including increased input costs, transportation costs, government fees and others. While the buyers have condemned animal traders for unilaterally increasing prices manifold, saying in the past they had some valid reasons but this year there is no smuggling to Afghanistan, petrol/ diesel prices are stable for the past one year, fodder prices have also not increased and the authorities have better managed animal market ridding the traders of extortion. According to buyers, on this Eidul Adha the prices of animals across major cities like Lahore, Karachi, and Islamabad have skyrocketed, resulting in leaving many buyers frustrated, with rates rising by up to 75 to 100 per cent compared to last year. Last year, a smaller heifer could be purchased for Rs100,000-125,000, but this year even a low-weight one is priced at Rs200,000 or more. Buyers are increasingly voicing concerns about the lack of official regulation in animal pricing, which has led traders to set prices arbitrarily, forcing consumers to haggle for a better deal. Animals are primarily sourced from larger markets in Punjab and Sindh, with medium-sized traders incurring additional costs for transportation to metropolitans like Karachi and Lahore, including fuel, taxes, and maintenance at the local markets, which include expenses for lighting and security. Once all these costs are accounted for, traders add their margin, which can range from Rs15,000 to Rs50,000 for smaller animals and up to Rs200,000 for larger ones. A bull with three maunds of meat was priced between Rs 120,000 to Rs150,000 last year, whereas, this year, the price ranges from Rs150,000 to Rs200,000. Mosques have fixed the price of one share in a cow or bull between Rs40,000 to Rs50,000 against Rs35000 to Rs50,000 per share last year. Cattle farms in major cities such as Karachi, Lahore, Rawalpindi, and Islamabad cater to the demand for large animals, with prices ranging from Rs0.5 million to over Rs10 million for some elite bulls. The goat market has also seen similar price increases. Medium-weight goats, which were previously sold for Rs30,000 to Rs35,000, are now priced between Rs60,000 and Rs75,000. Rates of some goats are reaching up to Rs300,000 depending on their breed and build. Rams and sheep are also experiencing a price surge, with prices ranging from Rs40,000 to Rs200,000 or more, influenced by factors like weight and appearance. Camel prices have also increased, with traders noting a growing interest in camel sacrifices over the past two years. Camels brought in from different parts of Sindh are now priced at Rs400,000 and above. According to a preliminary data compiled by Pakistan Tanners Association (PTA), in 2024 around 6.8 million sacrificial animals were slaughtered on Eid-ul-Adha of which 2.9 million cows, 3.3 million goats, 385,000 sheep, 165,000 buffalos and 98,700 camels. The PTA estimated total value of the animals at $1.8 billion or Rs500 billion. The value of sacrificial animals' hides in 2024 was estimated at around 30 million. Copyright Business Recorder, 2025
