NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, December 14, 2017

Moneyfellows of Egypt has been announced winner of the MetLife Foundation Inclusion Plus competition in Egypt & Lebanon. The competition was open to entrepreneurs, businesses and non-profit organizations and aimed to discover innovative solutions to promote financial capability and access to financial services. With more than 30 entries, Moneyfellows won the grand prize and collected a grant of $50,000.

Moneyfellows is a web and mobile-based platform that enables people to access interest-free credit and saving achievements powered by their personal network. This is accomplished by digitizing the traditional offline Rotating Saving and Credit Association (ROSCA) model and by utilizing alternative models for credit scoring users. By making ROSCAs digital, this popular option the world-over becomes safer, more transparent, scalable and organized.

Photo courtesy of Anoto AB.