Ahmed Wadi on regulation
From أحمد وادي: "Money Fellows" تصدر "جمعيات جديدة" بقيمة مليار جنيه مصري شهرياً · · العربية Business
“We were able to enter the Central Bank's experimental fund regulation; we are the only company that entered, and we are now in the exit phase toward an actual license.”
On , Ahmed Wadi, CEO & Founder at MoneyFellows, spoke about regulation during أحمد وادي: "Money Fellows" تصدر "جمعيات جديدة" بقيمة مليار جنيه مصري شهرياً on العربية Business.
About Ahmed Wadi
Ahmed Wadi, founder and CEO of Money Fellows, has stated that the company now launches new savings groups each month equivalent to one billion Egyptian pounds in new funds. He said the company has acquired around nine million clients to date)Skip, with close to one million active clients. Wadi noted that Money Fellows secured a $13 million funding round and that the company’s total funding has reached $60 million, attracted from foreign investors including development banks and governments. He said the company plans to invest in developing new products and reducing default risk. Wadi has described Money Fellows as a platform that digitizes the traditional rotating savings and credit association (ROSCA) model, which he said is used by an estimated 2.4 billion people globally. He stated that the company launched a prepaid card product in early 2025)Skip, and that Money Fellows entered the Central Bank of Egypt’s experimental fund regulation, describing it as the only company to do so and now in the exit phase toward an actual license. Wadi has said the company was founded in 2017, started in the UK, and moved to Egypt in 2018. He has also discussed the challenges of building a startup in an unregulated market, stating that early investors faced a high risk of losing their money.