Money Fellows bolsters expansion bid with crucial partnership (Image Credits: Money Fellows)
Egyptian fintech startup, Money Fellows, is speeding up its Moroccan expansion efforts, in a major move towards establishing a foothold in the North African market. The company announced a partnership with Network International, a leading provider of digital payment solutions in the Middle East and Africa, to augment its offerings and support its entry into Morocco and other African markets.
The partnership with Network International is designed to equip Money Fellows with its sophisticated “Digital Payments as a Service” platform. This platform includes fraud prevention measures, secure payments functionalities, and back-office manages service aimed at enhancing user experience. Network International will utilize its extensive pan-regional experience to support Money Fellows’ expansion into Morocco and the wider African region.
Dr. Reda Helal, Group Managing Director of Processing, Africa & Co-Head Group Processing at Network International, emphasized the significance of the partnership: “This collaboration signifies a milestone in the region’s fintech evolution. By supporting Money Fellows, we aim to enhance its market competitiveness and facilitate its expansion into new territories, aligning with broader regional ambitions for financial inclusion.”
Money Fellows made a name for itself through its innovative approach to traditional Rotating Savings and Credit Associations (ROSCAs). So far, it has amassed a user base of over seven million in Egypt. The company seeks to reproduce this success in Morocco, a region popular for informal savings systems like the daret or tontine.
Morocco holds a special allure for Money Fellows as its informal savings is estimated at annual flow of MAD 40 billion ($4 billion) according to Bank Al-Maghrib. Despite the presence of a robust banking sector, 88% of Moroccans rely on informal financial services. This trend highlights the potential for the company to formalize these transactions through its digital platform, in step with Morocco’s ongoing financial inclusion efforts.
Ahmed Wadi, CEO and Co-Founder of Money Fellows, expressed optimism about the expansion:“We are excited to enter the Moroccan market with the right infrastructure and strategic support from Network International. Morocco’s financial behavior closely aligns with our core product offering, making this an ideal market for our next growth phase.”
Another pivotal point in the Money Fellows-Network International partnership is the former’s successful entry into Morocco. The combined factors of Network International’s presence and expertise in Francophone Africa and Money Fellows range of services will enable the partnership to leverage on the Moroccan market’s growth potential.
Nandan Mer, Group CEO of Network International, highlighted Morocco’s strategic importance: “Morocco serves as a gateway to Francophone Africa, with a robust financial ecosystem and significant growth potential. Our expertise and technology will help drive the country’s digital transformation while fostering inclusive financial services.”
The Moroccan market is set to experience rapid growth in digital payments, especially with major global events like the 2025 Africa Cup of Nations and the 2030 FIFA World Cup set to boost economic activity.
