Network International and Money Fellows Join Forces to Revolutionize Digital Payments in MEA

Under the agreement, Network International will provide Money Fellows with its state-of-the-art ‘Digital Payments as a Service’ platform.

Network International (www.Network.ae), a premier enabler of digital commerce across the Middle East and Africa, has announced a strategic partnership with Money Fellows, the leading money circles app. This collaboration aims to transform the fintech landscape by integrating advanced payment solutions and enhancing user experience through cutting-edge technology.

Under the agreement, Network International will provide Money Fellows with its state-of-the-art ‘Digital Payments as a Service’ platform. This includes:

• Enhanced Fraud Prevention: Advanced systems to secure user transactions against fraud.
• Secure Payment Functionality: Robust mechanisms to ensure seamless and secure transactions.
• Managed Back-Office Services: Comprehensive operational support to optimize efficiency.

The collaboration also leverages Network International’s pan-regional expertise, supporting Money Fellows’ expansion plans into the broader Middle East and Africa (MEA) region.

Significance in the Fintech Ecosystem

This partnership marks a pivotal milestone for Egypt’s burgeoning fintech sector, aligning with the Egypt National Vision 2030, which focuses on digital transformation and economic growth.

Dr. Reda Helal, Group Managing Director – Processing, Africa & Co-Head Group Processing at Network International, commented:

“We are pleased to partner with Money Fellows to enhance their market offerings and competitiveness, while supporting their expansion into new markets in the Middle East and Africa. This collaboration reflects a shared vision for innovation and progress, perfectly complementing Egypt’s ambitious goals for its fintech ecosystem.”

Money Fellows’ Regional Expansion

The partnership comes as Money Fellows solidifies its position as a market leader in digital savings and peer-to-peer financial solutions. The app, renowned for digitizing traditional money circles (commonly known as ROSCAs), now aims to extend its influence across MEA markets.

Ahmed Wadi, CEO & Co-Founder of Money Fellows, expressed enthusiasm:

“We are thrilled to collaborate with Network International on this significant milestone for our company. This step reinforces our leadership position and provides the technological backbone for our regional expansion. Together, we aim to redefine digital payments with unparalleled security and efficiency.”

Additional Developments

The partnership includes plans for:

1. Innovative Payment Features: Integration of features like AI-driven insights and budgeting tools for users.
2. Localized Payment Solutions: Customizing payment mechanisms for diverse markets across MEA.
3. Educational Initiatives: Promoting financial literacy in underserved regions to boost fintech adoption.
4. Sustainability Goals: Leveraging fintech to support green initiatives, aligning with global and regional sustainability agendas.

Shaping the Future of Fintech in MEA

This collaboration between Network International and Money Fellows symbolizes the convergence of technological innovation and financial empowerment. By focusing on user-centric solutions and secure digital payment infrastructure, the partnership aims to accelerate the MEA region’s transition to a cashless economy while fostering inclusivity and innovation.

As both companies gear up for their next phase of growth, this partnership sets the stage for transforming how individuals and businesses engage with digital payments in the region.