Egyptian FinTech MoneyFellows has launched a revamp of its digitized ROSCA (Rotating Saving and Credit Association) application, giving their 2.2 million registered users new and improved possibilities to financially plan for the future and enhance their financial well-being.
With the money circles model as the core concept, and with some of those currently reaching up to EGP 100,000 in value, MoneyFellows is able to solve for every customer use case – whether it’s saving or lending. The platform provides access to secure and convenient financial planning services to ensure users can effectively manage and plan their financial obligations, and achieve their financial goals.
A user can join more than one money circle at the same time, pay an installment for as low as EGP 500, and get up to 60% off on the first installment upon signing up for later slots, which encourages the mindset to save. For users with more immediate financial needs, the platform provides collaborative, no-interest lending that is, by nature of the model, great value for money.
Users have full control of their financial planning journey through choosing, or setting their own, financial goals whether it’s saving for a gadget, a car, marriage expenses, an anticipated trip, or even retirement. Users also choose the amounts they would like to collect, the timing in which they’re needed, and the methods with which they wish to opt in and receive their pay-outs.
For a truly integrated experience, MoneyFellows has secured partnerships with several major merchants like B-Tech and Tradeline, which enhances and facilitates payment plans and allows users to use their pay-outs for different products and services directly.
“We’re very excited to be launching the app revamp, and to be encouraging and supporting our community to take control and plan ahead for all their financial needs no matter how big or small they may be,” said Ahmed Wadi, MoneyFellows founder and CEO. “Our customers are our first priority, and we look forward to providing secure and efficient services that are continuously innovative, collaborative, and essentially human.”
The public demand for financial planning has been increasing globally, according to the latest Fintech and the Future of Financial Planning report by FPSB Ltd. (Financial Planning Standards Board). This is driven by different economic needs such as retirement security and investment planning, as well as macro-scale factors including global economic uncertainty exacerbated by the pandemic.
Raising awareness of the value of financial planning, embracing technology, and shifting to more holistic financial planning models such as MoneyFellows’ will be key during the coming years.