Mastercard has partnered 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. The prepaid card will enable Money Fellows to offer financial planning, savings, and credit access to its users in Egypt.
The three firms say that the initiative highlights their shared commitment to advance financial inclusion. The launch aims to not just enhance financial accessibility but improve the 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. These 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.
Initiative aims to empower the youth and underbanked market segments
Ahmed Eisa, Deputy Chief Executive officer, at Banque Misr added: “We are proud to be part of this groundbreaking initiative with Money Fellows and Mastercard. It constitutes a qualitative leap in the fintech domain”. Eissa added that by issuing the first ROSCA prepaid card, the bank is empowering a broader segment of the population. Specifically, it will appeal to the youth and the underbanked segments, giving them access to secure and modern financial services. Moreover, the partnership aligns with Banque Misr’s strategy to drive digital transformation.
Ahmed Wadi, Founder and CEO of Money Fellows, said: “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.”
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