Out of the shadows, Egypt money-pooling apps thrive - in pictures

Tech start-ups are cashing in on the age-old money-pooling association

ElGameya, a tech start-up in Cairo, runs an app for strangers to pool money, providing access to cash in times of need.

Cash-strapped Egyptians fearful of banks have long relied on a "gameya" to gain access to money in times of need, but now tech start-ups are cashing in on the age-old money-pooling association.

"Gameya", which means association in Arabic, is a practice in Egypt that dates back to at least the turn of the 20th century.

Participants put an equal amount each month into a pot and take turns to collect the sum that has accumulated.

Ahmed Mahmoud, 28, who started the ElGameya app in 2019, said: "In three simple steps we get rid of logistical hassles" that come with the old way of doing things. Users need to register, upload their supporting documents and sign a contract to start using the app, he said.

Updated: November 22nd 2021, 7:50 AM
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