Symbiotics Investments, a Switzerland-based investor focused on smaller businesses in low- and middle-income countries, recently issued a loan of USD 2.25 million to Egypt-based Money Fellows. Money Fellows plans to use the fresh capital to expand its digitization of rotating savings and credit associations (ROSCAs), also known as money circles, as well as to broaden its service menu.
Founded in 2017, Money Fellows provides 4 million clients digital money circles, ranging in size from EGP 5,000 (USD 160) to EGP 100,000 (USD 3,200). To participate, users sign an agreement and then make payments of EGP 500 (USD 16) to EGP 20,000 (USD 640) per month for five to 24 months. The company’s mobile app allows customers to make payments and then withdraw money via retailers, e-wallets and bank transfers. The fees per payment range from zero to 7 percent.
Money Fellows Founder and CEO Ahmed Wadi commented, “This partnership allows us to continue empowering our communities with unprecedented access to financial opportunities, tailoring the ROSCAs model to encompass a wider array of products and services that enable users to easily achieve their financial goals.”
Established in 2003, Symbiotics seeks “to foster sustainable development in emerging and frontier economies” by increasing financial inclusion, supporting agriculture and reducing the effects of climate change. As of August 2023, the firm had USD 4.8 billion in private debt and equity investments under management in 80 countries.
By Renata Samadova, Research Associate
Sources and Additional Resources
Symbiotics press release
https://symbioticsgroup.com/press-release-money-fellow
Money Fellows homepage
https://moneyfellows.com
Symbiotics homepage
https://symbioticsgroup.com
Symbiotics 2022 annual report
https://symbioticsgroup.com/publications/annual-report-2022
Previous MicroCapital article on Symbiotics
https://www.microcapital.org/microcapital-brief-kashf-foundation-of-pakistan-borrows-in-local-currency-from-seb-microfinance-funds-arranged-by-symbiotics/
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