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_/
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▬▬▬▬▬▬▬▬ PLATEFORMES ▬▬▬▬▬▬▬▬
Spotify : https://open.spotify.com/show/71TB2zh...
Apple Podcast : https://podcasts.apple.com/us/podcast...
▬▬▬▬▬▬▬▬ TIMELINE ▬▬▬▬▬▬▬▬
00:00:00 : Introduction
00:01:24 : Who is Ahmed Wadi?
00:04:23 : The Money Fellows idea
00:07:02 : Explaining the concept
00:13:31 : The launch
00:18:58 : Why Egypt was the perfect market to start
00:21:20 : How Money Fellows works
00:26:43 : Problems in the beginning
00:34:25 : How the commission works
00:38:46 : The business model
00:40:24 : Handling payment defaults
00:44:03 : Working with banks
00:45:33 : How to scale
00:48:26 : The regulation part
00:50:47 : When scaling became possible
00:51:46 : Expanding into Morocco
00:58:03 : The vision for next years
01:01:54 : The Egyptian startup scene
