In a significant step towards boosting financial inclusion in Egypt, Mastercard, Money Fellows, and Banque Misr have joined forces to launch the country’s first-ever ROSCA (Rotating Savings and Credit Association) prepaid card.

This innovative offering aims to modernise traditional savings practices and expand access to digital financial services, particularly for youth and underserved communities.

While Egypt boasts a relatively high rate of formal financial service access at 71.5%, a considerable portion of the population still relies on informal methods like ROSCAs, also known as money circles.

These traditional savings groups, while effective within their communities, often lack the security and convenience of formal financial products.

This is where the new Money Fellows prepaid card comes in. Built upon the existing partnership between Mastercard and Money Fellows, which began in 2021 with the goal of digitising these traditional money circles, the addition of Banque Misr as a partner further strengthens the initiative.

This collaboration bridges the gap between established financial institutions and informal savings groups, bringing the benefits of modern banking to a wider audience.

Empowering Users with Digital Convenience:

The Money Fellows prepaid card offers a range of features designed to empower users and enhance their financial experience. Available to individuals aged 16 and above, the card provides access to:

• Online and In-Store Purchases: Seamlessly transact at millions of merchants worldwide.
• ATM Access: Conveniently deposit and withdraw cash.
• Expense Tracking: Monitor spending and manage finances effectively.
• Exclusive Offers and Discounts: Enjoy added value and benefits.

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A Catalyst for Financial Inclusion:

This initiative is more than just a new card; it represents a strategic effort to modernise Egypt’s financial services sector and drive digital transformation.

By combining the trust and familiarity of ROSCAs with the security and convenience of a prepaid card, the partners are making financial tools more accessible and appealing to a broader population.

The free card issuance during the launch period further incentivises adoption and encourages more Egyptians to embrace digital financial services.

The collaboration between Mastercard, Money Fellows, and Banque Misr underscores their shared commitment to financial inclusion.

By leveraging technology and innovation, they are empowering individuals to take control of their financial futures and contributing to the overall growth and development of Egypt’s economy.

This launch marks a significant milestone in the journey towards a more inclusive and digitally driven financial landscape in Egypt.

Empowering Users Through Technology:

Ahmed Wadi, Founder and CEO of Money Fellows, expressed his excitement about the collaboration, stating, “We are thrilled to be the first in the ROSCA subsector to launch a prepaid card alongside Mastercard and Banque Misr, our trusted partners. Their expertise, innovative approach, and cutting-edge technology inspire confidence in the potential of this product.”

Wadi emphasised the partners’ support in delivering a premium experience that aligns with Money Fellows’ vision for financial empowerment and users’ needs for financial accessibility, integration, and convenience.

Comprehensive Banking Solutions with Banque Misr

Banque Misr—UAE offers comprehensive financial services to customers in the region. With the convenience of Banque Misr Online, clients can efficiently manage their finances from anywhere.

For international transactions, the BANQUE MISR SWIFT code is essential for secure and accurate transfers. Keeping track of the Banque Misr exchange rate is vital for individuals and businesses involved in currency exchanges.

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Those seeking in-person services can visit the Banque Misr Address in key locations, including the Banque Misr Business Bay branch. For users seeking online solutions, banque misr, uae online provides seamless digital banking options.

Alongside its robust services, Banque Misr competes with other financial institutions, such as the National Bank of Egypt, to deliver high-quality banking solutions.

A New Era for ROSCAs:

This prepaid card represents a significant advancement in how ROSCAs are managed and accessed. By leveraging the power of digital technology, Money Fellows, Mastercard, and Banque Misr are making this traditional financial practice more secure, transparent, and convenient.

This initiative not only benefits individual participants but also contributes to the overall growth and development of Egypt’s digital economy. The collaboration underscores the power of partnerships in driving financial inclusion and creating a more equitable financial landscape.