Money Fellows, Wafacash partner to digitise savings in Morocco

By Vriti Gothi

Money Fellows has partnered with Wafacash to digitise Morocco’s traditional savings circles, known locally as “Daret”, marking a step toward formalising informal financial practices.

The initiative, licensed by Bank Al-Maghrib, aims to transform Daret into a regulated digital model, combining technology-driven financial management with an established cultural savings mechanism. The move reflects a broader industry trend of integrating informal financial behaviours into formal financial systems to expand access and improve transparency.

Under the partnership, Money Fellows will contribute its digital platform and operational expertise, while Wafacash will provide local infrastructure, distribution capabilities, and customer reach. The combined offering is designed to scale across Morocco, with features such as digital management tools and scoring systems intended to improve reliability, commitment tracking, and user trust.

The collaboration builds on Money Fellows’ track record in Egypt, where the company reports serving over one million users through digitised savings circles. Its expansion into Morocco signals a regional growth strategy focused on replicating this model in markets where informal savings practices remain prevalent.

Ahmed Wadi, Founder and CEO of Money Fellows, said, “This step marks the official beginning of our expansion into Morocco, as part of our journey to financially empower individuals through collaboration with leading players in the Kingdom’s financial sector. 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.”

Abdesslam Bouirig, CEO of Wafacash, stated, “At Wafacash, we believe that true innovation should first stem from real use cases in order to deliver tangible, useful, and sustainable solutions. Our partnership with Money Fellows clearly reflects this shared vision by developing a deeply rooted social financial practice into a digital model that is simpler, more transparent, secure, and scalable. Through this collaboration, Wafacash reaffirms its commitment to impactful innovation and to contributing to greater financial inclusion in Morocco.”

The digitisation of Daret highlights a growing focus among FinTech firms on financial inclusion strategies that adapt to local contexts rather than replacing them. By formalising and securing community-based savings systems, such initiatives aim to bridge the gap between underserved populations and regulated financial services, while preserving trust embedded in traditional practices.