Money Fellows, a leading fintech digital platform in Africa, has announced a significant milestone, exceeding 8 million users on its platform. Concurrently, the total transaction value facilitated through the platform has surpassed $1.5 billion.
The Egypt-based fintech stated that this achievement reflects its dedication to digitalizing traditional money circles. Money Fellows is recognized for its innovative approach to onboarding and managing rotational savings, making the process safe and user-friendly for individuals.
Since its launch in 2017, Money Fellows has emerged as a prominent fintech company revolutionizing traditional Rotating Savings and Credit Associations (RoSCAs). The platform has successfully onboarded more than 2 million rotational savings groups through its application.
Ahmed Wadi, Founder and CEO of Money Fellows, emphasized the company's belief in technology's power to empower communities and promote financial inclusion. He noted that through these efforts, Money Fellows has achieved profitability and expanded its operational reach.
“Through our services, from digital savings groups to smart saving solutions and prepaid cards, we aim to provide simple, real-life solutions that help people save and access financing more flexibly and transparently,” Wadi added.
In collaboration with its primary banking partner, Banque Misr, Money Fellows offers an integrated experience that combines digital savings groups, smart saving solutions, and a prepaid card. This is delivered through a secure platform designed to ensure a safe financial experience for users.
The platform has processed over $1.5 billion in transactions, supported by more than $60 million in funding from both local and international investors. This financial backing underscores its strong market presence and rapid growth within Egypt's fintech sector.
Established in 2017, Money Fellows has rapidly positioned itself as a leader in the fintech industry. The company's core mission is to digitize the concept of Rotating Savings and Credit Associations (RoSCAs), a traditional system where a group of individuals contribute funds periodically and collectively save and borrow.
For example, a group of ten people might agree to contribute $1,000 each month for ten months. Each month, one member receives the accumulated $10,000 payout, with the rotation continuing until all members have received their share.
Driving Financial Inclusion with Rotational Savings
Money Fellows is at the forefront of driving financial inclusion by integrating rotational savings with a sophisticated digital process. Its prepaid card simplifies deposits, withdrawals, and payments without incurring service fees, while also offering benefits such as cashback and discounts from major retailers.
The RoSCAs facilitated by the platform have become a crucial tool for enhancing financial inclusion, empowering users to conduct their daily financial transactions digitally with confidence and ease.
The RoSCA model is supported by the Central Bank of Egypt’s FinTech Regulatory Sandbox. This regulatory framework enables users to easily join savings circles and make installment payments. Payouts can be received through various methods, including bank cards, e-wallets, or the platform's prepaid card.
According to CEO Ahmed Wadi, RoSCAs represent a global market opportunity valued at $700 billion. These systems are popular in over 90 emerging and developing markets, known by various names such as Esusu or ajo in Nigeria, Kameti or chit fund in India, and Gameya in Egypt.
Wadi further explained that the company's objective is to reimagine traditional financial systems into secure, organized digital solutions that provide a seamless user experience. This approach helps users save and access financing to achieve both short-term and long-term financial goals, ultimately fostering a more financially aware and sustainable society.
“We continue to expand our services in line with Egypt’s national digital transformation and financial inclusion strategies. 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,” he added.
The platform currently serves approximately 350,000 monthly active users. It has also issued over 50,000 prepaid cards and established 328 B2B2C partnership agreements with leading companies and institutions. Additionally, Money Fellows operates more than 40 distribution points across Egypt.
In May, Money Fellows secured $13 million in new funding. This funding round, which included participation from Partech Africa and CommerzVentures, brings the total investment in the company to over $60 million since its inception.
The company stated that this investment will be utilized to enhance and upgrade its digital platform and to foster collaborations with more than 350 local and regional partners.