Money Fellows Prepares for New Expansion Phase and Financial Products
Money Fellows is preparing for a new phase of expansion and financial product development as it approaches graduation from the Central Bank of Egypt’s regulatory sandbox. The company plans to expand its financial groups services, develop the Money Fellows card and add features for better spending and saving management.
From Financial Groups to an Integrated Platform
Ahmed Wady, founder and CEO of Money Fellows, told that the company sees significant room for growth in its financial groups product, a core offering.
Wady said Money Fellows is working to connect financial groups, the card and other products within one system. The aim is to help customers manage spending, saving and planning more responsibly.
He explained that usage data can help the company understand customer behavior and provide guidance or advisory services tailored to their needs. The card is expected to connect the different products, linking saving through financial groups with borrowing, planning and spending.
Wady said the ultimate goal is to build a platform that helps customers manage their financial lives responsibly beyond a single service.
Investment Product Under Study
Wady said Money Fellows has been considering an investment product to complete its offering, extending from financial groups and saving to borrowing, planning, card-based spending and investment.
He noted that launching the product directly would require licensing, as the company currently operates within the Central Bank of Egypt’s regulatory sandbox. Money Fellows is therefore studying partnerships with investment-management companies that hold the necessary licenses, instead of seeking an independent license.
New services may not require additional licenses when delivered through licensed partners, Wady said. Direct provision would involve different requirements.
Morocco Enters Pilot Operations
Money Fellows has begun entering the Moroccan market and reached the pilot-operation stage under its expansion plan, after obtaining the required approval and signing a partnership with Wafa Cash.
Wady said operations in Morocco require a new license depending on the product. The company aims to move from pilot operations to broader expansion during the fourth quarter, alongside development in Egypt.
More Than 1.1 Million Activated Customers
Wady said more than 1.1 million customers have been activated on the platform, with more than 9 million registered users.
The next phase will focus on increasing actual product usage and improving services, completing the regulatory path in Egypt, expanding financial-group and card offerings, strengthening links between products and working with specialized partners to provide investment services.