MoneyFellows Explores Expansion into Kenya, Uganda, and Nigeria
Ahmed Wadi, CEO and Founder of MoneyFellows, revealed that the company is exploring expansion into three major African markets—Kenya, Uganda, and Nigeria—where the traditional “rotating savings and credit associations” (ROSCAs) model is widely adopted across government, military, and private-sector institutions. This cultural familiarity, he noted, creates a strong foundation for the company’s advanced digital model.
Digitizing ROSCAs
Speaking exclusively to FintechGate, Wadi explained that ROSCAs in these countries are still largely managed manually, often using basic tools such as Excel, despite involving thousands of participants. This, he said, represents a significant opportunity to transition these systems to a secure and highly efficient digital environment.
“Our product is far more advanced than the traditional methods commonly used in these markets,” he added. “In many cases, these savings groups are managed manually or with very primitive tools. We’re currently working to introduce a fully integrated digital platform that enables institutions to manage ROSCAs professionally, securely, and with maximum efficiency.”
Wadi emphasized that the company does not plan to enter multiple markets simultaneously. Instead, it follows a “focus first, then expand” strategy to ensure each market entry is successful before moving on to the next.
MoneyFellows is also preparing to launch a new funding round exceeding USD 100 million in the first quarter of 2026. A significant portion of this round, he noted, will be allocated directly to the company’s African expansion plans.
Morocco: The First Stop
Wadi confirmed that Morocco will be the company’s first entry point into Africa, with operations scheduled to launch officially in Q1 2026 after securing a partnership with Attijariwafa Bank, one of the continent’s largest financial institutions.
“Attijariwafa Bank is a strong partner with a major regional footprint,” he said. “Its presence across many African countries gives us a crucial checkpoint to begin in Morocco, and once the model succeeds there, we can accelerate into other markets quickly.”
He added that the bank’s extensive regional presence makes Morocco an ideal launchpad for broader expansion into West and Central Africa.
Gulf Expansion in 2027
Looking ahead, Wadi revealed that the company is also studying potential expansion into Gulf markets in 2027, noting particular interest in Saudi Arabia and Oman.