Mastercard announced a collaboration with Money Fellows, a mobile app for money circles, also known as ROSCA model (Rotating Savings and Credit Association) and Banque Misr to launch Money Fellows prepaid card in Egypt. This prepaid card will enable Money Fellows to offer financial planning, savings, and credit access to its users in Egypt.
Driven by a shared commitment to advancing financial inclusion, Mastercard, Banque Misr and Money Fellows collaborate to enhance financial accessibility and improve user experience in Egypt, where 71.5% of the population is formally included in the financial system. The Money Fellows prepaid card offers users aged 16 and above, an array of features that include online and in-store purchases, easy deposits and withdrawals at ATMs, spending tracking, and exclusive offers and discounts. Users can issue the card for free during the launch phase.
“This collaboration demonstrates our commitment to creating innovative solutions that drive financial inclusion. By launching Money Fellows prepaid card, we are supporting Egypt’s efforts to expand access to secure financial services through tailored solutions, especially for youth and underserved communities.” said Adam Jones, Executive Vice President, and Division President for West Arabia, Mastercard.
From his side, Ahmed Eisa, Deputy Chief Executive officer, at Banque Misr said: “We are proud to be part of this groundbreaking initiative with Money Fellows and Mastercard, as it constitutes a qualitative leap in the fintech domain”. Eissa affirmed that by issuing the first ROSCA prepaid card, the bank is empowering a broader segment of the population, particularly youth and the underbanked, to access secure and modern financial services. This partnership aligns with Banque Misr’s strategy to drive digital transformation and provide financial services that meet the evolving needs of our customers, contributing to a more inclusive and resilient economy. This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt.
Ahmed Wadi, Founder and CEO of Money Fellows, commented on the collaboration: “We are thrilled to be the first in the ROSCA subsector to launch a prepaid card alongside Mastercard and Banque Misr, our trusted partners. Their expertise, innovative approach, and cutting-edge technology inspire confidence in the potential of this product. With Mastercard’s and Banque Misr’s support, we are excited to deliver a premium experience that aligns with our vision for financial empowerment and users’ needs for financial accessibility, integration, and convenience.”
This new announcement builds on the successful collaboration in 2021, where Mastercard joins hands with Money Fellows to digitize the money circles or ROSCA concept, offering users a range of innovative digital services that contributed to the expansion of Egypt’s digital economy.
