Egyptian fintech startup Money Fellows is officially expanding into Morocco through a strategic partnership with local financial institution Wafacash. The collaboration, announced at GITEX Africa in Marrakech, aims to digitize and scale the traditional Moroccan savings circles known as “Daret.” The new digital service has received full regulatory approval from Bank Al-Maghrib, Morocco’s central bank.
Quick Facts
- Partnership to digitize Morocco’s ‘Daret’ savings circles.
- Marks official Moroccan market entry for Egypt’s Money Fellows.
- Fully licensed and approved by Bank Al-Maghrib.
Bringing a Proven Model to Morocco
This move follows Money Fellows’ considerable success in Egypt, where it has built a user base of over one million people and established a network of more than 350 partners. The company plans to apply its proven model to the Moroccan market, transforming the informal, trust-based Daret system into a secure and regulated digital platform.
The goal is not to replace the deeply-rooted cultural practice but to enhance it. By introducing digital management, scoring systems, and increased transparency, the partnership intends to make savings circles more secure, reliable, and accessible to a wider segment of Moroccan society.
Merging Tech with Local Infrastructure
The partnership combines Money Fellows’ technology with Wafacash’s extensive physical infrastructure, distribution network, and established customer relationships across Morocco. This integration is designed to create a financial solution that is both technologically advanced and deeply integrated into the local community, enabling it to scale effectively.
Ahmed Wadi, Founder and CEO of Money Fellows, commented on the expansion. “This step marks the official beginning of our expansion into Morocco, as part of our journey to financially empower individuals through collaboration with leading players in the Kingdom’s financial sector,” he said. “We are moving from a partial model based on limited circles to a system capable of scaling and wide adoption, representing a real evolution of the traditional financial model.”
Abdesslam Bouirig, CEO of Wafacash, added that the collaboration aligns with the company’s focus on practical innovation. “Our partnership with Money Fellows clearly reflects this shared vision by developing a deeply rooted social financial practice into a digital model that is simpler, more transparent, secure, and scalable. Through this collaboration, Wafacash reaffirms its commitment to impactful innovation and to contributing to greater financial inclusion in Morocco.”
About Money Fellows
Money Fellows is an Egyptian fintech company that digitizes traditional Rotating Savings and Credit Associations (ROSCAs), known as “Gam’eya” in Egypt. The platform allows users to join online savings circles to collectively save and access lump-sum payouts in a secure and transparent manner.
About Wafacash
Wafacash is a leading Moroccan financial institution specializing in money transfers and other financial services. It operates a vast network of branches and agents across Morocco, providing accessible financial solutions to a broad customer base.
Source: Zawya
