Egyptian fintech giant Money Fellows, a platform digitizing traditional Rotating Savings and Credit Associations (RoSCAs), has announced a significant milestone, exceeding $1.5 billion in total transaction value. The company has successfully onboarded over 8 million users and completed more than 2 million rotating savings groups, cementing its position as a key player in Egypt’s financial inclusion landscape.
Digitizing a Cultural Tradition
Money Fellows has effectively transformed the “gam’eya,” one of Egypt’s most popular informal financial models, into a secure and user-friendly digital platform. By doing so, it has bridged the gap between traditional community-based saving habits and modern financial technology. The platform now serves approximately 350,000 monthly active users, providing them with a seamless way to join savings circles, manage installments, and receive payouts through various methods, including bank cards and e-wallets.
Fueling Growth Through Strategic Partnerships
A cornerstone of Money Fellows’ success is its strategic collaboration with major institutions. Operating under the supervision of the Central Bank of Egypt’s FinTech Regulatory Sandbox and in partnership with Banque Misr, the company has launched an integrated financial experience. This includes digital savings groups, smart saving solutions, and a prepaid card. The company has also signed 328 B2B2C partnership agreements and established over 40 distribution points across Egypt, significantly expanding its reach. To date, over 50,000 prepaid cards have been issued, facilitating fee-free deposits, withdrawals, and payments while offering cashback and discounts.
A Profitable Path to Financial Inclusion
Backed by over $60 million in funding from local and international investors, Money Fellows has not only demonstrated rapid growth but has also achieved profitability. This crucial milestone ensures the company’s long-term sustainability and ability to scale its services further. Ahmed Wadi, Founder and CEO of Money Fellows, commented on the achievement, stating, “We have successfully achieved profitability, ensuring business continuity and enabling further expansion of our services. The success of Money Fellows is not just measured by numbers, but by the positive impact it creates in people’s lives, enabling millions to achieve their goals and improve their financial well-being.”
About Money Fellows
Money Fellows is an Egyptian fintech company that offers a digital platform for Rotating Savings and Credit Associations (RoSCAs), commonly known as money circles. The platform provides a mobile-based solution for users to save and access financing in a transparent and organized manner. By integrating savings groups with smart saving solutions and a prepaid card, Money Fellows aims to enhance financial inclusion and empower individuals to meet their short- and long-term financial goals.
Source: Zawya
