Share the page
Increasing access to microcredit in Egypt through digitalization
Project
-
Signature date
-
-
Location
-
Egypt
-
Financing tool
-
Financing amount (Euro)
-
1819000
-
Financing details
-
USD 2m equity investment
-
Customer
-
MoneyFellows Technologies Holdings Ltd
-
Type of customer
-
Financial institution
-
Country of headquarters
-
United Kingdom
-
Project number
-
PEG1059
-
Environmental and social ranking
-
IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting an innovative Egyptian start-up, MoneyFellows, which offers affordable loans through a comprehensive range of digital services.
Client presentation
MoneyFellows is an Egyptian start-up set up in 2016. It is a leader in the digitalization of informal credit and savings circles, which are also called “tontines”, Rotating Credit and Savings Associations (“ROSCA”), and “game’ya” in Egypt. MoneyFellows thereby enables its client borrowers to obtain cheaper loans and individual depositors to have high interest rates.
In June 2022, MoneyFellows had 194,000 active members with a total credit and savings portfolio equivalent to almost USD 38m. MoneyFellows aims to develop its model across Egypt, before expanding in the Middle East and Africa.
Project description
The Series B fundraising will enable MoneyFellows to continue the development of its products and technologies, in particular in terms of client experience, finance its nationwide expansion (with the opening of branches in 27 Egyptian governorates), and strengthen its various internal functions.
Project impact
Proparco’s financing is expected to support access to 15,250 microcredits. The project will thereby contribute to the achievement of SDG 8 (Decent work and economic growth).