#72 - Ahmed Wadi - Money Fellows - From Egypt to Morocco

Everyone knows “Daret” in Morocco and more generally in emerging markets.It is a simple way people save & borrow money together. A group contributes a fixed amount regularly, and each month, one member receives the full pot.A few weeks ago, I met Ahmed Wadi, the Egyptian founder who digitized Daret in Egypt with more than 1 million users!We sat down to talk about Money Fellows, and he announced on Next Wave his expansion in Morocco in partnership with Wafa Cash!My conversation with Ahmed is on YouTube and all podcast platforms.➜ Instagram de Next Wave : https://www.instagram.com/nextwave.ma_/ If you have any feedback or suggestions, feel free to leave us a comment.▬▬▬▬▬▬▬▬ PLATEFORMES ▬▬▬▬▬▬▬▬ Spotify : https://open.spotify.com/show/71TB2zh... Apple Podcast : https://podcasts.apple.com/us/podcast... ▬▬▬▬▬▬▬▬ TIMELINE ▬▬▬▬▬▬▬▬ 00:00:00 : Introduction00:01:24 : Who is Ahmed Wadi?00:04:23 : The Money Fellows idea00:07:02 : Explaining the concept00:13:31 : The launch00:18:58 : Why Egypt was the perfect market to start00:21:20 : How Money Fellows works00:26:43 : Problems in the beginning00:34:25 : How the commission works00:38:46 : The business model00:40:24 : Handling payment defaults00:44:03 : Working with banks00:45:33 : How to scale00:48:26 : The regulation part00:50:47 : When scaling became possible00:51:46 : Expanding into Morocco00:58:03 : The vision for next years01:01:54 : The Egyptian startup scene