Egypt: Money Fellows Crosses 8 Million Users, Processes $1.5 Billion as It Expands Egypt’s Fintech Frontier

Egyptian fintech innovator Money Fellows has reached a significant milestone, surpassing 8 million users and processing more than $1.5 billion in transactions, underscoring its leadership in digitising the traditional Rotating Savings and Credit Association (RoSCA) model.

Founded in 2017, the company has transformed how communities across Egypt and other markets save and borrow collectively. Through its secure digital platform, users can join transparent, automated savings groups, bringing structure and safety to what was once an informal system. So far, Money Fellows has successfully completed over 2 million savings cycles.

According to Ahmed Wadi, Founder and CEO, the company’s mission is driven by a commitment to financial inclusionand empowerment through technology.

“We’re building solutions that make saving and borrowing simpler, smarter, and more transparent,” Wadi said. “From digital savings groups to prepaid cards, we want to give people flexible tools to manage their finances confidently.”

Money Fellows is the first Egyptian platform to integrate digital savings, smart saving tools, and prepaid cards, in collaboration with its primary banking partner, Banque Misr. The platform’s ecosystem enables users to deposit, withdraw, and make payments with zero service fees, while enjoying added benefits such as cashback rewards and discounts.

Backed by over $60 million in funding from both local and international investors—including Partech Africa and CommerzVentures—Money Fellows continues to expand its impact and reach. The company’s operations are also supported by its participation in the Central Bank of Egypt’s FinTech Regulatory Sandbox, which validates its secure and compliant financial model.

Wadi estimates that RoSCAs represent a $700 billion global market, particularly in developing economies where community-based savings remain deeply rooted.

“Our goal is to modernise traditional financial practices into digital solutions that help people achieve their financial goals and improve their well-being,” he added.

Today, Money Fellows boasts around 350,000 monthly active users, has issued over 50,000 prepaid cards, and maintains more than 328 corporate partnerships with companies and institutions across Egypt. Its network includes over 40 distribution points nationwide.

In May 2025, the fintech secured an additional $13 million in funding to drive platform enhancements and expand across Africa, reinforcing Egypt’s emergence as a leading hub for fintech innovation on the continent.