We all know how it’s extremely hard for you to save money. You lack the motivation, patience and sometimes you simply can’t afford to! Well, this is why MoneyFellows was created. According to Ahmed Wadi, Founder and CEO of MoneyFellows, the startup helps users access interest free credit and at the same time reach better saving achievements all while being powered through their social reputation online, and not through your old conventional method of having a certain amount of credits.
MoneyFellows works towards providing people with alternative credit-scoring models that would allow people to have extra financial services that they normal can’t have access to. Through their service Money circles, it focuses on improving people’s spending and saving habits. So with MoneyFellows, you can finally achieve your dreams of going to the Maldives, or purchasing your dream car!
Another feature is the ROSCA model – Rotating Savings and Credit Associations, which the idea in Arabic is translated to Gameaya. It’s basically when a group of people contribute a fixed monthly installment into a common pot, and every month one of the users takes the money as a payout, and the circle ends when all the participants receive their payments. This option can either be done privately with your friends and family, or with the public!
With MoneyFellows, you no longer have an excuse of not being able to save up!
If you’re interested in MoneyFellows, check them out here.