Moneyfellow's founder Ahmed Wadi
by Forbes Middle East Forbes Middle East - Business News
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- Moneyfellows
Review on Moneyfellow's founder Ahmed Wadi
With Moneyfellows, Wadi is digitizing whats known as a money circlean informal type of finance where a group of individuals, usually friends and family, contribute money to a common fund and take turns withdrawing the total amount.Although rarely recognized by mainstream financial institutions, money circles have long given people who lack access to the formal banking system the ability to save money and take small loans. This type of finance is known by many different names. In Egypt, its called gameya while in India, its a chit fund. In North America, it would be a rotating credit and savings association, or ROSCA.
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Created on Jan 12th 2018 02:10. Viewed 73 times.
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