Symbiotics Investments Supports the Digitization of Traditional Money Circles in Egypt Through a Loan to Money Fellows
Symbiotics Investment granted Money Fellows, an Egyptian fintech, a $2.25 million loan to digitize money circles and expand its operations locally.
Money Fellows, an Egypt-based digital platform, aims at modernizing the rotating savings and credit associations “ROSCAs”: informal financial entities wherein groups of individuals operate as an alternative financial mechanism. ROSCAs entail predetermined contributions and withdrawals from a shared fund (referred to as a money circle). This model is widely recognized across numerous emerging countries, and is a popular saving mechanism in regions where formal financial institutions are scarce. Members of these money circles often share familial, ethnic, or geographical ties.