Money Fellows Expands to Morocco to Digitise Traditional Daret Savings

Bank Al‑Maghrib has officially granted regulatory approval for Egyptian fintech Money Fellows to enter the Moroccan market through a strategic partnership with Wafacash. Announced at GITEX Africa, the collaboration will move the long‑standing savings circle practice known as 'Daret' into a regulated digital format, transforming it into a secure, transparent model managed digitally.

According to the announcement, the collaboration focuses on financial inclusion by developing - rather than replacing - existing saving practices, using digital management mechanisms and scoring systems to improve reliability, transparency, and commitment tracking. It draws on Money Fellows’ specialised platform for digitising community savings and credit circles - or ‘gameaya’ - and Wafacash’s infrastructure as a leading Moroccan fintech specialising in money transfers, payment services and proximity finance.

“We are moving from a partial model based on limited circles to a system capable of scaling and wide adoption, representing a real evolution of the traditional financial model,” said Ahmed Wadi, founder and CEO of Money Fellows. Meanwhile, Abdesslam Bouirig, CEO of Wafacash, added that the companies share a vision of developing a “deeply-rooted social financial practice into a digital model that is simpler, more transparent, secure, and scalable.”

The companies added that this step follows Money Fellows’ operations in Egypt, where it has served more than one million users and built an extensive network of over 350 local and regional partners.