MoneyFellows, an Egyptian fintech company operating a Shariah model, has formed a new partnership with an e-commerce platform to offer a new service as the start-up continues to grow its customer base.
The collaboration is with Waffarha, an online shopping platform specializing in providing exclusive offers and discounts as well as electronic vouchers.
“The partnership with Waffarha is a proactive step that leverages our strategy to make the financial services that MoneyFellows provides easy and unique in a way that enables our users to actively achieve their goals through the Gam’eya module. We offer our customers the opportunity to purchase what they need via Spending in Stores using their payouts,” Ahmed Wadi, CEO of MoneyFellows, explained.
Gam’eya is a form of rotating savings and credit association that is particularly popular in the Middle East and Arab world. It is an interest-free model where a group of individuals contribute a fixed amount to a pot, with each person taking turns to take home all the money at the end of the month. While crowdfunding is becoming more common in the MENA region, MoneyFellows was the first in Egypt to digitize the Gam’eya model.
“We are pleased to cooperate with MoneyFellows as it is the first platform that proves the success of the idea of the digital Gam’eya and the only platform that provides online saving programs. As for Waffarha, we always seek to provide the best offers on products and services to our customers and loyalty programs for companies. We work to validate and reassure the users’ trust in the concept of e-commerce and their reliance on e-shopping nowadays,” commented Tarek Magdy, CEO and founder of Waffarha.
Established in 2017, MoneyFellows has grown its user base to one million, doubling it from October 2020. It is learned that the start-up is currently working to expand its business domestically as well as abroad; it is looking to pump in new investment during “the coming period”.