MoneyFellows is transforming the financial landscape in Africa by digitizing the traditional rotating savings and credit association (ROSCA). Unlike most digital lenders who rely on debt for growth, MoneyFellows has managed to lend billions with minimal balance sheet exposure. After raising $13 million in a recent funding round, the Cairo-based fintech aims to expand regionally while maintaining profitability. Its innovative app allows users to create or join ROSCA groups, enhancing access to this informal financial system, traditionally limited to trusted circles.
"We have managed to crack this model and reach profitability," said Wadi. "Doing this while lending out billions without relying on working capital at all is quite disruptive in itself."
Common across emerging markets, they go by different names: esusu or ajo in Nigeria, kameti or chit fund in India, and gam'eya in Egypt.
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