By ; Basel Khaled
Banque Misr has signed an MOU with MoneyFellows, which will contribute to the expansion of MoneyFellows, providing more FinTech Services, easing digital payments, and increasing the trust between the users & the application. As an organic result of this new partnership, Banque Misr will be providing MoneyFellows with payment services to develop together new disbursement, collection tools that suit the needs of online money circles’ users.
Both parties, according to the signed MOU, will cooperate in exploring and finalizing a framework and a roadmap to digitally serve MoneyFellows’ customers and provide them with digital solutions to grant more convenience and ease, not only in the payment options, but also in the set of digital financial services that will result from such cooperation that include a package of payment and collection products. In the field of payments, Banque Misr provides electronic payments service Which enables the company's customers to pay the amount due electronically with bank cards or mobile wallets via the QR Code.
The signing of this protocol also came from Banque Misr's belief that “technology” today has become the fastest variable among the variables that govern the global economy, and pursuing this tremendous technological development has become a very important matter. Therefore, Banque Misr seeks to localize advanced technological services in its various dealings to ensure it keeps pace with Global development in these areas MoneyFellows has witnessed a recognizable development over the last 4 years till its base reached more than a million users. The company was recognized by many investors throughout the past years. During which MoneyFellows raised over 6 million dollars.
Via MoneyFellows, the user can join the money circle that suits his/her needs, by choosing the desired amount, duration, payout date, and payment method. The company works constantly on providing a variety of other services, through its money circles, to guarantee an integrated financial service to its users.
“Mr. Ihab Dorra,” Banque Misr Head of Branches and Retail Banking in Banque Misr said that this cooperation will be a quantum leap in the world of FinTechs. A major contribution to the expansion and spread of MoneyFellows Services, and a documentation of the extent of cooperation between Banque Misr and the SMEs and its extreme support for digital transformation and unbanked citizens. The new collaboration showcases Banque Misr’s commitment to supporting various entities and Fintechs. Along with its rapid adaptation to this era’s requirements and contribution to the digital transformation.
In that context, “Ahmed Wadi”, the Founder & CEO of MoneyFellows said: “It is a great milestone in the path of MoneyFellows to cooperate with the preeminent giant of the banking sector in Egypt “Banque Misr”. Our cooperation will certainly enhance the offered services as well as enrich our offered value proposition, and unlock the horizon of providing our customers with new services”.
He also added: “Nonetheless, financially including a sector of citizens is a main direction of the State as well as Banque Misr and MoneyFellows.” The signing of this protocol comes within the framework of the bank’s keenness to adopt the concept of digital transformation and innovation as a basic pillar on which to run the bank’s business, as the service concept provided by Banque Misr must include technological basics to serve customer requirements, which have become an urgent need with the development of the use of mobile phones and computers.
The mechanism, as technology services are now necessary for the bank’s leadership in the Egyptian banking market, as the introduction of digital transformation elements into the banking system will contribute more to improving the provision of banking and financial services, and the digital transformation and financial technology support for Banque Misr will contribute to benefiting Among the promising new paths for economic and financial development; With the aim of supporting growth and enabling more segments of society to obtain appropriate financial solutions. Banque Misr consistently supports state efforts towards financial inclusion, through partaking in numerous initiatives and protocols that serve members of the community. The bank continuously seeks to improve its services, maintain its long-term success and effectively participate in offering services that fulfil the needs of its customers.
This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt