FinTech news in Money Fellows category

Money Fellows’ premise is the digitization of money circles or what commonly known as the Rotating Savings and Credit Association (ROSCAs), a system where a group of people agree to contribute money for a specific period, thereby saving and borrowing together. ROSCAs, which Money Fellows CEO Ahmed Wadi says is a $700 billion opportunity globally, are quite popular in over 90 emerging and developing markets with several names: Esusu or ajo in Nigeria, Kameti or chit fund in India and Gameya in Egypt. Wadi said Money Fellows’ plan with the funding is to accelerate growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B segments, as well as its geographical expansion across Africa and Asia. But with Money Fellows, people have a broader pool of participants — each passing through a credit assessment process — around Egypt so that they can form and join ROSCA groups through its app.