MoneyFellows Raises $13M to Expand Savings Circles Beyond Egypt
MoneyFellows digitises ROSCAs to scale without lending from its own balance sheet—and it's now eyeing markets beyond Egypt
May 06, 2025
Cairo-based fintech startup MoneyFellows has secured $13 million in a pre-Series C funding round co-led by Al Mada Ventures and DPI's Nclude Fund, with participation from Partech Africa and CommerzVentures. This investment brings the company's total funding to over $60 million.
Founded in 2016 by Ahmed Wadi, MoneyFellows digitises the traditional rotating savings and credit association (ROSCA) model, known locally as 'gameya.' The platform enables users to join or form digital savings groups, matching savers and borrowers through behavioural data and credit scoring.
Unlike traditional lenders, MoneyFellows operates a balance sheet-light model, only stepping in to fund slots when user groups are incomplete—a scenario that now occurs in fewer than 10% of cases.
The company has grown to over 8.5 million users and achieved profitability in Egypt. The average payout per user has nearly doubled in the past two and a half years, from LE 23,000 to LE 45,000.
With the new funding, MoneyFellows plans to expand into Morocco by the end of 2025, targeting markets with similar informal savings cultures and large unbanked populations. Further expansion into other African and South Asian markets is also under consideration.
The company is also exploring the addition of services such as investment, payroll, insurance, and remittances, aiming to evolve into a comprehensive personal finance platform.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Central Banks Slow Down Gold Purchases in April as Poland Continues to Lead
Waleed Farouk Data from the World Gold Council shows that central banks around the world added a net total of only 12 tonnes of gold to their reserves in April. This marks the second consecutive month of slowing purchases, down 12% from March, and well below the 12-month average monthly purchase of 28 tonnes. The report suggests that this slowdown may partly be due to the sharp rise in gold prices since the start of the year, prompting some banks to temporarily scale back purchases, even though central bank decisions are usually based on long-term strategic considerations. Poland Remains Top Buyer, with China and Turkey Among Key Additions Notable changes in central bank gold reserves during April included: Poland: The National Bank of Poland added 12 tonnes, raising its reserves to 509 tonnes—surpassing the European Central Bank's holdings of 507 tonnes. Since the beginning of the year, Poland has increased its reserves by 61 tonnes. Czech Republic: Continued its buying streak by adding 3 tonnes, marking the 26th consecutive month of purchases. China: Added 2 tonnes in April, bringing its total purchases for 2025 to 15 tonnes and its overall reserves to 2,294 tonnes. Turkey: Increased its gold reserves by 2 tonnes, reaching a total of 626 tonnes. Kyrgyzstan: Made its first purchase since December, adding 2 tonnes. However, it remains a net seller for the year, with total sales amounting to 2 tonnes. Kazakhstan and Jordan: Each added around 1 tonne to their reserves. Uzbekistan: Sold 11 tonnes in April, marking the third consecutive month of sales. Its total gold sales for the year now stand at 26 tonnes. India Updates Reserve Data and Increases Domestic Holdings India kept its gold reserves unchanged at 880 tonnes. However, in its semi-annual report, it clarified that 512 tonnes (58%) of those reserves are now stored domestically, compared to 510 tonnes (60%) six months ago. This reflects a broader effort by the Reserve Bank of India to enhance local storage, up from just 38% two years ago. Notable Moves by African Central Banks Toward Gold Several African central banks have announced plans to strengthen their gold reserves, including: Namibia: Plans to raise gold's share of total reserves to 3% for the first time. Rwanda: Approved the start of gold purchases beginning in July. Uganda: Announced it will use gold from artisanal mining to boost reserves and meet future financial obligations. Madagascar: Plans to purchase 4 tonnes as part of a strategy to expand its reserves and regulate gold exports. Kenya: Is considering adding gold to its reserves as a diversification measure, though no timeline has been set. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Daily News Egypt
6 hours ago
- Daily News Egypt
Egypt's pharmaceutical market hits EGP 309bn in 2024, marking 43% growth
Egypt's pharmaceutical market recorded EGP 309bn in sales in 2024, up from EGP 216bn in 2023—reflecting a 43% year-on-year increase, according to Ali Ghamrawy, Chairperson of the Egyptian Drug Authority (EDA). The announcement came during the EDA's 15th Board of Directors meeting, attended by Deputy Prime Minister for Human Development and Minister of Health and Population Khaled Abdel Ghaffar, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Investment and Foreign Trade Hassan Mohamed El-Khatib, and Presidential Health Advisor Mohamed Awad Tag El-Din, alongside other senior officials. The meeting reviewed several strategic updates, including the latest activities of the Permanent Committee of the Egyptian Pharmacopeia and progress in digital transformation across the Authority. These digital initiatives aim to enhance service delivery efficiency and strengthen the institutional work environment. A key highlight of the meeting was the EDA's continued success in gaining international accreditation. In December 2024, the World Health Organization (WHO) awarded the Authority Maturity Level 3 status in the field of medicines—an achievement that follows its earlier Maturity Level 3 accreditation for vaccines in March 2022. EDA laboratories have also been accredited by both the WHO and the European Union, a milestone that positions them as globally recognized reference labs. The Authority's growing international presence was further underscored by its contributions to regulatory capacity-building programs across the Arab and African regions. With WHO Maturity Level 3 recognition in both medicine and vaccine regulation, the EDA has assumed a leading role in supporting regulatory system development throughout Africa. The African Union Development Agency – NEPAD (AUDA-NEPAD) has selected EDA's Continuing Professional Development Center as a Regional Centre of Regulatory Excellence (RCORE). Under this designation, the Authority has conducted 12 international training programs for countries including Libya, Yemen, Ghana, and Algeria. Additionally, the meeting showcased progress in EDA's internship programs, including the pilot launch of a new Learning Management System (LMS) platform aimed at enhancing professional training and knowledge transfer.
Daily News Egypt
6 hours ago
- Daily News Egypt
Egypt's PM reviews measures to boost red meat supply, stabilise prices
Egypt's Prime Minister Mostafa Madbouly has reviewed measures aimed at increasing the supply of red meat in local markets and ensuring price stability, his office said. The Prime Minister chaired a meeting on Wednesday attended by Minister of Agriculture and Land Reclamation Alaa El-Din Farouk, Deputy Minister of Agriculture Mostafa El-Sayyad, Deputy Minister of Foreign Affairs and Emigration and Egyptian Expatriates' Affairs Abu Bakr Hefny, Major General Islam El-Rayyan, representing the Armed Forces' National Service Projects Organisation (NSPO), Bahaa El-Ghannam, Executive Director of the Future of Egypt for Sustainable Development apparatus, and Essam Omar, Deputy Governor of the Central Bank of Egypt. At the beginning of the meeting, Madbouly stated: 'In light of the continuous directives of President Abdel Fattah Al-Sisi of Egypt, to provide a reassuring stock of various basic commodities, today's meeting comes to work on providing the largest quantities of red meat, thereby contributing to the continued balance of prices.' He added: 'The most important factor we are working on is the availability of various goods, which contributes to price balance,' also noting that the expansion of one-day markets had contributed to price stability. The Minister of Agriculture and Land Reclamation provided an explanation of the ministry's efforts to increase the red meat supply. He indicated that work is underway to increase the number of quarries and slaughterhouses in several areas. Farouk also pointed to the large number of fixed and mobile ministry outlets across various governorates selling meat and other food products. He stated that the ministry is keen to supply more products to these outlets at reduced prices to alleviate the burden on citizens, confirming significant public demand for fresh local meat and its products, which are being sold at reduced prices and in large quantities in preparation for Eid al-Adha. During his presentation, Alaa El-Din Farouk noted that total domestic red meat requirements amount to approximately one million tonnes annually. Of this, 600,000 tonnes are covered by local production, while the remaining quantity is sourced through imports. The minister also indicated that the Ministry of Agriculture continuously encourages the private sector and supports significant investments in various fields related to importing live animals and red meat, alongside developing and maintaining local production to cover domestic red meat needs without supply shortages. El-Sayyad discussed the ministry's efforts regarding red meat provision through imports. He confirmed that the ministry has diversified import sources and studied key African red meat producing countries that could be approached due to geographical and regional proximity. Several African countries have already been identified as potential import sources. El-Ghannam affirmed during the meeting the readiness to establish the required quarries, slaughterhouses, and refrigeration facilities. This would contribute to providing the necessary quantities of meat, balancing its prices in the markets, and making it available to citizens at suitable prices. El-Ghannam said: 'Cooperation can be established with African countries exporting red meat, and modern quarries and slaughterhouses can be established there, which would benefit both parties.' El-Ghannam also announced the commencement of coordination for establishing an infant formula factory, in collaboration between the Future of Egypt for Sustainable Development apparatus and the private sector. This initiative is part of a strategic plan aimed at reducing the import bill for this vital commodity. The Executive Director of the apparatus added: 'This comes within the framework of the recent directives of President Al-Sisi… to establish a national factory for infant formula during the 2025 wheat harvest season events, during which he called for this to be in cooperation between the government, investors, industrialists, and the private sector.'
