CEO INTERVIEW: FROM TRADITION TO TECH

Ahmad Wadi , CEO of Money Fellows , shares his entrepreneurial journey between Egypt and the UK,

transforming age-old financial practices into a global fintech solution

Fintech has become a crucial tool for addressing financial inclusion, especially in regions where traditional banking infrastructure is limited or inaccessible. In markets like Egypt, where a significant portion of the population remains unbanked, innovative solutions are emerging to meet these unique challenges.

Money Fellows is at the forefront of this change, reimagining the concept of collective savings by digitising traditional money circles. The platform not only offers new ways for people to save and access credit but also revitalises and modernises community-based financial practices that have long been embedded in local cultures.

Ahmad Wadi, the founder and CEO of Money Fellows, sat down with The Fintech Times to share his insights on the intersection of tradition and technology, his entrepreneurial journey, and the future of fintech in emerging markets.

TFT: Tell us about yourself and your career journey.

AW: I’m Ahmad Wadi, the founder and CEO of Money Fellows. I studied computer engineering and started my entrepreneurial journey in 2007. My first project, an objecttracking software, caught the attention of companies like Microsoft and Daimler, leading to several collaborations with them. After completing my bachelor’s and master’s degrees at the Technical University of Munich, I launched an online supermarket platform in 2013. In early 2016, I moved to the UK to launch Money Fellows, inspired by traditional money circles from my country, and later returned to Egypt to continue developing the company.

TFT: Introduce us to Money Fellows, what it does and how the company has evolved.

AW: Money Fellows is the world’s first and largest mobile app for Money Circles. Our goal is to empower communities by providing accessible and innovative financial solutions. We leverage the traditional ROSCA (rotating savings and credit associations) model, adapted with modern technology, to facilitate savings and credit among groups of people.

The idea of Money Fellows came to me back in 2016, when I was in Germany and trying to save money and get access to credit. This wasn’t easy as I wasn’t born in Germany, and I struggled to find ROSCAs. This made me think: Why can’t I modernise and digitise this very ancient and traditional money saving model that I’ve always seen back home – Gam’eya – and give people all around the world the chance to partake in ROSCAs together.

TFT: What are the latest hot topics and major talking points in your market?

AW: Well, as a CEO of a fintech company in Egypt, I’ve seen how devaluation, financial inclusion, payment infrastructure, and information banking are, both, challenges and opportunities in our mission to provide affordable financial solutions.

Currency devaluation affects users’ financial stability, prompting us to educate them on smart savings strategies such as providing a worthwhile solution that incentivises their savings to help protect their wealth from said devaluation, whilst constantly working on providing diversified options to mitigate these effects. Another thing would be ‘financial inclusion’, which remains a hurdle, with many unbanked individuals lacking access to essential services; we address this by leveraging mobile technology and engaging communities to build trust. This part of our mission coincides perfectly with that of the Central Bank of Egypt’s financial inclusion growth strategy. An underdeveloped payment infrastructure can hinder user experience, so we form partnerships and multi-front innovate payment methods to improve accessibility for our users. Lastly, limited access to financial data restricts personalised services, which at Money Fellows, we overcome by employing advanced data analytics and ensuring privacy to foster trust. We believe that by tackling these challenges, we can enhance financial well-being and drive economic development in the market.

TFT: What are your proudest moments/success stories at Money Fellows so far?

AW: Some of my favourite milestones were when we’ve reached the first 100,000 users, another one was when we hit the $1billion mark, in transactions: both marking major successes in our journey. But by far my favourite would be working with the CBE to design a set of controls that aims to shape the regulatory framework for our financial model as the pioneer in the market.

TFT: What have been the biggest challenges in your journey so far?

AW: As the CEO, I’ve faced several challenges since starting our fintech company, which continue to shape our journey. One major hurdle is the lack of financial literacy among potential users, limiting engagement and informed decision-making. To address this, we implement educational programmes, transparent communication assets and provide resources within our app. Building trust in fintechs is another challenge, as changing customer behaviour requires us to focus on transparency and security, while sharing success stories to establish credibility. Additionally, the absence of a comprehensive national regulatory framework in our highly regulated industry creates uncertainty and compliance issues, which we tackle by engaging with regulators. By addressing these challenges, we aim to ensure our users have a safe and beneficial experience while driving growth and success.

TFT: What are your future plans?

AW: Our future plans include launching new products and features such as our very own Prepaid Card that will offer users a convenient and secure way to manage their funds. We’re also introducing an Investment Solution, giving users access to diversified portfolios to help them grow their savings and achieve financial goals. Additionally, we’re expanding into neighbouring countries. At the moment, we’re conducting market research in potential markets like Saudi Arabia and

Morocco, forming partnerships with local financial institutions, and adapting our services to meet regional needs.

TFT: What are your interests ‘beyond work’ eg hobbies/ interests etc.?

AW: I try to find balance in life through my personal hobbies and interests. For instance, I have a passion for motorcycle riding. It offers a sense of freedom and adventure, allowing me to explore new territories in a different light, and it helps clear my mind. I guess I’m drawn to activities that provide an adrenaline rush, in a way thrilling experiences keep me energised and focused.

I genuinely believe maintaining a healthy lifestyle is crucial, it’s even a part of the culture we’re cultivating in Money Fellows. I prioritise regular exercise and a balanced diet to ensure sustained energy levels, which helps me lead effectively.

These interests not only enrich my personal life but also contribute to my professional success by keeping me motivated and centred.

At A Glance

Money Fellows is the world’s first and largest mobile app for Money Circles. Since its inception in 2018, it has transformed informal finance by digitising the familiar ROSCA model, earning the loyalty of over seven million users interested in a modern approach to peer-to-peer borrowing and saving.

Money Fellows combines the simplicity of community practices with cutting-edge technology. Through the app, users enjoy a seamless process, efficient and secure payments, and the peace of mind knowing they are in good hands, for choosing a trusted service provider, under the supervision of the Central Bank of Egypt’s Regulatory Sandbox. The app offers a variety of financial solutions, all built on the original ROSCA model; smart cash and credit management, high-yield savings, and a timely payment system. With the efficient credit assessment process set by the CBE and binding contracts with all users, the platform assures that every user enjoys their maximum financial potential, while maintaining privacy and security.

This all-in-one platform is available to all Egyptians over 21 with a valid ID – banked and unbanked, to download for free and start a seamless financial journey.

Website: moneyfellows.com

LinkedIn: www.linkedin.com/company/moneyfellows/

Twitter: @Moneyfellows