The fintech has been a leading force in wider financial inclusion across Egypt and a new deal with a government backed financial service will take them one step closer to that goal.
Egyptian fintech, MoneyFellows, has partnered with e-Cards, a subsidiary of government backed digital payment specialist, e-Finance, to provide facilitated financing solutions for beneficiaries of government and union pensions, as well as state-provided cash support programmes.
As one of the leading fintechs in Egypt, MoneyFellows has found incredible success in taking money circles (or gam’eya) into the digital world, giving users a chance to pool their money into a single fund, with one member withdrawing the lump sum every rotation.
Founded in 2014 by Ahmed Wadi, the startup will now be able to serve a wider range of Egyptians through its partnership with e-Cards, taking Egypt another step towards wider financial inclusion.
“It makes us extremely proud to be able to extend our products and services to millions of Egyptians, empowering them to achieve their financial goals,” said Wadi. “Tapping into the governmental sector through this partnership is a welcome challenge to prove our commitment and efforts playing our part for financial inclusion and empowering better economic well being.”
In e-Cards, MoneyFellows has a partner that, with almost two decades of experience, offers a wide range of integrated and end-to-end smart solutions, such as multi-application EMV cards, utility cards, transportation solutions, digital identity solutions and digital KYC solutions.