e-Cards, a subsidiary of e-finance Investment Group operating in integrated smart solutions, has signed an agreement with prominent fintech MoneyFellows to provide facilitated financing solutions for beneficiaries of government and union pensions and cash support programs provided by the Egyptian state.
Within this partnership, MoneyFellows will be able to provide its services to new sectors of Egyptian society, and take advantage of the various digital technologies provided by e-Cards that would facilitate the payment and receival of funds.
MoneyFellows provides digitized ROSCA (Rotating Saving and Credit Association) and financial planning services through a completely secure platform that avoids all the problems and obstacles of traditional money circles. Customers choose the appropriate money circle in terms of the installment amount, time period for payment, and the appropriate month for pay-out. Monthly installments start from 500 Egyptian pounds with possible receivable amounts up to 100,000 Egyptian pounds, and the company currently provides its services to more than 2.5 million customers.
Through the cooperation with e-Cards, MoneyFellows will be able to provide its services to more Egyptians and enable them to participate in its digital money circles and other financial planning services it provides. This partnership reflects the keenness of both e-Cards and MoneyFellows to provide convenient and secure financial services to Egyptian society, in line with the efforts made by the state in the areas of digital transformation and financial inclusion.
“This cooperation opens the door wide for different segments and groups in the Egyptian society to benefit from the digital transformation boom that Egypt is witnessing, where millions of pensioners and beneficiaries of various support programs will be able to obtain superior financial services provided by MoneyFellows, which would ultimately be in favour of supporting the digital transformation and financial inclusion strategy in Egypt and enhancing the channels of digital flow of funds,”
said Mahmoud Kamal, CEO of e-Cards.
The number of beneficiaries of the cash support program “Takaful and Karama” only, exceeds 3.8 million families, with a total value of more than 1.5 billion Egyptian pounds per month allocated. Also, 10 million Egyptians with special needs are provided governmental cash support, with allocations amounting to more than 5 billion Egyptian pounds annually, and the number of Egyptian pensioners and beneficiaries of pensions is currently close to 10.5 million citizens.