In a major boost to Africa’s fast-growing fintech ecosystem, Cairo-based Money Fellows has secured $13 million in strategic funding to further its mission of expanding financial inclusion across the continent. The round brings the company’s total raised capital to over $60 million and marks a significant milestone in its journey to digitize the traditional practice of Rotating Savings and Credit Associations (ROSCAs) — a model deeply embedded in African financial culture.

Led by Al Mada Ventures and DPI Venture Capital through the Nclude Fund, with additional backing from Partech and CommerzVentures, the latest investment underscores growing global confidence in Africa’s digital finance potential. Money Fellows’ goal is clear: to modernize the deeply rooted yet informal savings circles that millions rely on — and to make them more secure, accessible, and scalable through technology.

A 21st-Century Makeover for a Centuries-Old Tradition

At the heart of Money Fellows’ offering is a digital transformation of the ROSCA — a centuries-old practice where a group of individuals agrees to contribute a fixed amount of money regularly into a pool, which is then allocated to one member in rotation. Though informal, ROSCAs have been a bedrock of financial security for generations across Africa, Asia, and Latin America, helping people manage cash flow, save for emergencies, and fund life milestones like weddings, education, or small businesses.

But while ROSCAs are trusted and widespread, they come with limitations — lack of transparency, risk of defaults, and logistical challenges in managing group contributions. That’s where Money Fellows steps in. Through its mobile app, users can join or create digital savings groups, contribute funds securely, track payouts, and access credit — all within a system that applies credit scoring, identity verification, and smart algorithms to reduce risk and increase trust.

According to founder and CEO Ahmed Wadi, “Money Fellows is not just a fintech app — it’s a bridge between cultural familiarity and technological innovation. Our platform preserves the core of communal savings while giving it the structure and scalability needed for the digital age.”

Scaling Financial Inclusion Across Borders

Money Fellows currently serves over 8.5 million users and collaborates with more than 350 local and regional partners. This scale reflects both the demand for accessible finance and the trust it has built in one of the world’s most challenging financial inclusion markets. The new funding will be used to enhance the platform’s technology infrastructure, boost user experience, and expand into new markets, particularly across North Africa and the Middle East.

The company’s ambitions are not just regional — they are deeply impact-oriented. Financial exclusion remains a significant issue in Africa, where nearly half of the adult population still lacks access to formal banking. By offering users a familiar mechanism in a digital form, Money Fellows helps bring unbanked and underbanked individuals into the fold of modern finance without the intimidation of formal institutions.

“Our success lies in cultural relevance,” said Wadi. “We’re not trying to reinvent how people save — we’re improving how they do it, with transparency, security, and accessibility. Financial inclusion isn’t about handing people new tools they don’t understand. It’s about enhancing what they already trust.”

The Investors’ Vision: Building the Next Fintech Powerhouse

Omar Laalej, Managing Director at Al Mada Ventures, was among those impressed by Money Fellows’ ability to modernize an age-old system. “ROSCA’s are ancient — their roots go back thousands of years,” Laalej noted. “What Money Fellows has done is bring that tradition into the modern era in a way that is scalable, secure, and socially impactful. We’re proud to back a company creating real financial change for families across Egypt and beyond.”

DPI Venture Capital’s General Partner Mohamed Aladdin echoed that sentiment. “Money Fellows is showing what fintech should look like in Africa — not copying Western models blindly, but adapting solutions to real local needs. We believe this platform will be one of the leaders in reshaping financial habits across emerging markets.”

Partech and CommerzVentures, both global players in venture capital with experience in digital finance, also see Money Fellows as a future unicorn in African fintech. Their support reflects not only confidence in the product but also in the team’s ability to scale it responsibly across diverse and complex markets.

From Cairo to Casablanca: Eyeing Expansion

With eyes set on new markets, Money Fellows is planning a strategic push into North Africa, starting with Morocco. The timing is ideal — Morocco has been actively encouraging digital financial services through regulatory reforms and public-private partnerships aimed at boosting financial inclusion. With Morocco set to co-host the 2030 FIFA World Cup, the country is preparing for a surge in infrastructure investment and consumer spending, presenting a ripe opportunity for fintechs like Money Fellows to expand.

Additionally, upcoming events like the 2025 Africa Cup of Nations are expected to drive significant regional demand for digital transactions, mobile payments, and microfinance solutions. Money Fellows hopes to ride this wave, offering users across North Africa an easier way to save, borrow, and plan financially through a culturally familiar yet technologically advanced platform.

Technology That Understands Trust

The success of Money Fellows also lies in its nuanced use of technology. It isn’t just about putting savings circles online — it’s about enhancing user trust and minimizing risk. The app uses identity verification tools, payment gateways, behavioral data, and credit scoring algorithms to assign users into safe, efficient savings groups. As a result, default rates have remained impressively low, and user satisfaction continues to grow.

The platform also integrates with local financial institutions, telecom operators, and digital wallets to allow seamless deposits, payouts, and notifications. For users in remote or low-income areas, these features are transformative — they reduce dependence on cash, enable mobile-first savings, and provide a visible financial footprint that can one day serve as collateral for loans or insurance.

“Our goal is to build digital trust,” said Wadi. “Once users realize the system is fair, safe, and consistent, they keep coming back — not just to save, but to plan and build their futures.”

Shifting Social Norms Around Saving

Beyond finance, Money Fellows is influencing social habits. In many communities, saving is still seen as a group effort, a family affair, or a social obligation. The app doesn’t remove that aspect — it enhances it. Users can form private groups with friends or family or join public pools vetted by the platform. This flexibility keeps the social dynamic intact while introducing new layers of convenience and accountability.

Additionally, the platform is enabling more women to access finance. In rural and urban areas alike, ROSCAs have long been a safe financial channel for women who are excluded from traditional banking systems. With the app’s ease of use and data security, more women are now participating in savings circles on their own terms — and with tools that offer credit scoring, reminders, and transaction history, they are building personal creditworthiness in the process.

Looking Ahead: The Road to 20 Million Users

With the fintech space heating up across Africa, competition is inevitable. But Money Fellows has a head start in both cultural fit and user adoption. By blending tradition with innovation, it has crafted a niche that few competitors can replicate easily. As it works toward its next growth milestones — including a target of 20 million users in the next three years — the company remains focused on one mission: to democratize finance in a way that’s grounded in local culture but powered by global technology standards.

In the years to come, platforms like Money Fellows could play a central role in reshaping Africa’s financial landscape — not just by digitizing services, but by redefining trust, access, and empowerment for millions of people.

For now, as Money Fellows continues to scale its reach and impact, it’s clear that the old ways of saving money are getting a powerful new upgrade — one that might just change the future of finance across an entire continent.

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Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

3rd May, 2025