Money Fellows Hits $1.5B in Digital Savings Transactions
▼ Summary
– Money Fellows has surpassed 8 million users and facilitated over 2 million rotating savings groups, digitizing Egypt’s traditional RoSCA model into a secure digital platform.
– The platform offers an integrated experience with digital savings groups, smart saving solutions, and a prepaid card in partnership with Banque Misr, operating under the Central Bank of Egypt’s FinTech Regulatory Sandbox.
– It serves 350,000 monthly active users, has issued 50,000 prepaid cards, and has over $1.5 billion in total transaction value, supported by $60 million in funding from investors.
– The company has achieved profitability and focuses on empowering communities through technology, providing flexible and transparent financial solutions to improve users’ financial well-being.
– Money Fellows’ prepaid card enables fee-free deposits, withdrawals, and payments with cashback benefits, driving financial inclusion and supporting daily digital transactions.
A major milestone has been reached by Money Fellows, a pioneering Egyptian fintech firm, which has now processed over $1.5 billion in digital savings transactions. The platform has successfully attracted more than eight million users, with over two million rotating savings groups completed through its application since it first launched. This announcement was made during a recent panel that explored the company’s journey in digitizing Egypt’s popular informal money circles, turning them into secure and accessible digital financial tools for people across the country.
Money Fellows stands out as the first platform in Egypt to deliver a fully integrated experience that merges digital savings groups, intelligent saving options, and a prepaid card, thanks to its primary banking partnership with Banque Misr. Operating under the oversight of the Central Bank of Egypt’s FinTech Regulatory Sandbox, the service enables customers to easily participate in savings circles, make installment payments, or collect payouts using various payment channels, including bank cards, e-wallets, or the Money Fellows prepaid card, all without any service fees.
Currently, the platform supports approximately 350,000 active users each month, has distributed more than 50,000 prepaid cards, and established 328 B2B2C collaboration agreements with top companies and institutions. It also maintains a network of over 40 distribution points throughout Egypt. The platform’s total transaction value has now surpassed $1.5 billion, supported by more than $60 million in funding from both local and global investors, signaling its powerful market presence and swift expansion within the nation’s fintech sector.
Ahmed Wadi, Founder and CEO of Money Fellows, remarked, “Our vision at Money Fellows is to leverage technology as a powerful enabler for community empowerment and financial equity. By offering services ranging from digital savings groups to smart saving tools and prepaid cards, we deliver practical, real-world solutions that help individuals save and obtain financing with greater flexibility and transparency. We are proud to have reached profitability, which secures our operational future and allows us to broaden our service offerings.”
He continued, “Our growth aligns with Egypt’s national strategies for digital transformation and financial inclusion. The true measure of our success lies not only in our numbers but in the meaningful difference we make in people’s lives, helping millions reach their goals and enhance their financial health. We are committed to reshaping traditional financial mechanisms into secure, structured digital platforms that provide a smooth experience, assisting users in saving and accessing funds for both immediate needs and future ambitions, thereby fostering a more informed and sustainable financial culture.”
By unifying savings and financing functions within its digital rotating savings and credit association model, Money Fellows delivers a complete financial package that balances ease of use with strong security. This allows customers to handle their financial responsibilities, build savings, and obtain funding in a straightforward and transparent manner.
The Money Fellows prepaid card simplifies deposits, withdrawals, and payments with no extra charges, and it offers extra perks such as cashback rewards and discounts at leading retail outlets. This makes it an essential instrument for advancing financial inclusion, giving users the confidence and convenience to carry out everyday financial activities digitally.
(Source: MEA Tech Watch)
