MoneyFellows Terms and Conditions
The website and its contents are owned by the MoneyFellows for IT and Project Management (S.A.E)] a joint stock company incorporated in [Egypt] with company number [141331] and having its registered office at [Block 44 – First sector -Fifth settlement – New Cairo -Egypt]. website and its contents [www.moneyfellows.com] are hereinafter referred to as the “Website” or “MONEYFELLOWS Website”.
PLEASE READ THIS SECTION CAREFULLY BEFORE ACCESSING OR USING THE WEBSITE. BY ACCESSING OR USING THE WEBSITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH BELOW AND THE DISCLAIMER SET FORTH BELOW. IF YOU ARE NOT WILLING TO BE BOUND BY THESE TERMS AND CONDITIONS AND DISCLAIMER, YOU MAY NOT ACCESS OR USE THE WEBSITE. WE MAY MODIFY THIS SECTION AT ANY TIME, AND SUCH MODIFICATIONS SHALL BE EFFECTIVE IMMEDIATELY UPON EITHER POSTING OF THE MODIFIED SECTION OR NOTIFYING YOU. YOU AGREE TO REVIEW THIS SECTION PERIODICALLY TO BE AWARE OF SUCH MODIFICATIONS AND YOUR CONTINUED ACCESS OR USE OF THE WEBSITE SHALL BE DEEMED YOUR CONCLUSIVE ACCEPTANCE OF THE MODIFIED SECTION.
The foregoing definitions describe the terms and conditions governing your use of MoneyFellows Website, application, services, content, and related features, including any update or new releases (collectively, the “Service(s)” as defined below).
1. Definitions
"You\Customer" means the user of the Website or the application, taking into account all expressions leading thereto. "We/us/our" means MoneyFellows and its current headquarters in the borders of the Arab Republic of Egypt and takes into consideration all expressions leading thereto.
"User Information" means all details, financial information, and personal information we obtain either through your use of the Website or the Application as "Users" means the users of the Website or the application of MoneyFellows, whether they are individuals, civil associations, or civil associations to which the contract has been contracted. The User warrants and represents that the information provided in respect of the User Information shall be correct, complete, accurate and up to date.
“Application” means MoneyFellows application owned by the same, which can be accessed and used by smart phones on the App store and/or the Play store. MoneyFellows is an electronic platform application allowing users to subscribe to the Circle (as defined below) in order to save money by paying a fixed monthly amount, each of which is to be rotated on the full amount at the time specified in the application by MoneyFellows. ("ROSCA").
“Circle(s)” means your agreement with us and with another group of Users to join one of the Circle by paying a certain amount every month with other Users and each of them receives the total money collected monthly. You will be bound by the Circle once we collect your User Information, then you will be able to save money, by paying a fixed monthly amount in installments (“PayIn”) in a fixed timeline and specified due dates, then you receive the total value saved on your behalf (“PayOut”) on your allocated turn in the Circle (“Slot”). The Circle shall be implemented in a consistent manner, and you must adhere to the duration specified therein.
"Service(s)" is the service contemplated to the Website, the Application or both.
"Content(s)" means any educational material, comments, messages, data, information, text, music, sound, image, graphic, video, code or other material that is transmitted to or displayed on the MoneyFellows.com website or through a third-party website.
"Interactive Collections or Interactive Pages" means discussion pages, bulletin boards, social networking sites or other forums provided by the Service.
The Service is available to customers having at least [18] years old and residing in Egypt. By using this Site, you agree that your age is in line with the legal age to enter into a binding contract with MoneyFellows and that you will comply with all legal requirements and consequences in this regard. If your age is not commensurate with these legal requirements referred to in this paragraph, you may not access or use the Site
To help us protect our Users and avoid engaging in any money laundering activities that we may face during your subscription to our Website, MoneyFellows may at its own discretion, require all Users of the Website and/or the Application to provide us of your personal and financial statements, as well as to obtain, verify, and record information that identities each User who download the Application or create an account on the same, including applicable Know your Customer (“KYC”) requirements. The User hereby acknowledges such information disclosure requirements and agree to comply to the MoneyFellows Terms and Conditions herein from time to time and to comply with the updates that we may request at any time depending on our Risk Policy.
2. Use of our Website and our Services
Please read the following Website Terms and Conditions, which relate to information regarding general use of our Website. By using our Website, you are agreeing to these Terms and Conditions whether as a guest or registered user. By using our Website or Application, you are indicating you accept these terms of use and that you agree to abide by them. From time to time, we may change these Terms and Conditions and will post revisions on this website. We recommend that you read these Terms and Conditions prior to using our Website and thereafter regularly review any changes and you are responsible for doing so.
Eligibility and Collection of Information
The Service we provide herein is a personal finance information management service that targets to consolidate and keep you financially stable. If you have purchased a license, subscription or otherwise entered into an agreement with us, you will also be governed by the terms of that agreement, which shall prevail in the event of a conflict. By purchasing a license, subscribe, or enter into an agreement with us, you hereby adhere to the following steps:
You will need to download the Application via App Store or Play Store and sign up for an account with Moneyfellows.
  1. You will need to register on the Application and to add all details and User Information needed to complete your registration process, including but not limited to – uploading your personal ID or your valid Egyptian passport to verify your identity.
  2. You will need to upload your up to date, verified, and authenticated financial statements from your relevant bank confirming your current financial status.
  3. After reviewing your up-to-date financial statements and your personal information, you will be directed to the Circle that matches your financial status and your target.
  4. After being directed to the Circle that matches your financial status you will have to choose (i) the duration of the Circle; (ii) the PayIn amount of the Circle; (iii) the PayOut amount of the Circle; (iv) your allocated Slot in the Circle; (v) Service Fees (defined below) (collectively (the “Circle Information”).
  5. After you confirm your Circle, we will review your Circle Information in terms of the feasibility subject to the Terms and Conditions contained herein. By confirming your Circle Information on the Application, you agree to be fully and legally bound by the Circle, your PayIn, and your Slot.
  6. You will receive a message/email from us on your phone number and/or your email account linked to your account authorizing you to your Circle. If you did not receive our authorization, this entails our declining to your subscription. You hereby acknowledge that we may decline your subscription, not to validate your signing up, or reject your subscription for any reason at our own discretion.
You may not be engaged in more than (2) two Circles at the same time with a maximum amount of EGP 100,000.
Your phone number will be directly linked to your account on the Application, inter alia, the Circle on a full basis and you cannot use your phone number to create another account on our Application. The currency used in services for all Users, is the Egyptian Pound and Users should only be of Egyptian nationality.
The Customer hereby represents and warrants the correctness and accuracy of all the information and data entered into the website for the purpose of the registration process. Notwithstanding the foregoing, in no event MoneyFellows will be responsible or liable for any misrepresentation of any of the customers, MoneyFellows shall not be liable for any damage, prejudice or loss caused by the misrepresentation of the customers. Given that the nature of the website is reserved for the ROSCA Customers, the use of the of such will be limited to the customers the only.
The Customer shall be fully liable and responsible for the secrecy of the confidential information disclosed by the latter, and MoneyFellows’ sole obligation in this respect, will be undertaking to keep and maintain all the information pertaining to the customer confidential.
MoneyFellows may at its sole discretion, accept or reject, any demand received to participate in MoneyFellows ROSCA without incurring any liabilities.
MoneyFellows may at its sole discretion, determine and identify, the timeline of the ROSCA according to the goodwill of the program and the customers.
The Customer shall procure to MoneyFellows all the document evidencing the correctness of the information entered thereby, in particular, a valid copy of its ID and a recent utility bill.
The Customer delegates MoneyFellows to conduct a credit assessment and worthiness on the customer in all the governmental, non-governmental authorities, banks and its domicile if required.
The Customer shall inform MoneyFellows in case of change of address or any relevant information whether by following the steps on the Application, or by sending an email to us on [[email protected]], or by calling us on [19686]
The Customer shall inform MoneyFellows if the former leaves, resigns or quits its work for any reason whatsoever. At this event, MoneyFellows will be entitled at its sole discretion to amend the payment schedule or accelerate the payment and declare all the outstanding amounts as due on the customer.
The Customer hereby delegates MF to set off any amounts due on the customer to MoneyFellows.
The Customer acknowledges and certify its awareness that the rank in any circle of the ROSCA nor withdrawing therefrom.
3. Service Fees
In order to be eligible to participate in the Circle, you must regularly pay to Moneyfellows an amount of money for your subscription and participation in the Circle for using our Service (“Service Fees”).
The Service Fees shall be determined according to the Slot of each User on the Application. Service Fees will be set out on confirmation window on a case-by-case basis, and to be confirmed by the User as a prerequisite for participation in the Circle.
The Service Fees shall then be deducted pro rata from each User’s PayIn and PayOut amounts (whichever occurs earlier), divided by the duration of the Circle. In addition to the monthly PayIn amount to be paid as per each Slot. The remaining Service Fees shall be deducted from the PayOut amount from the date of receipt of the same.
4. Payment modalities
MoneyFellows provides you with all conventional means of payments, including payments in cash, prepaid or credit cards, as well as cash collection.
As for the employees, MoneyFellows enables such Customers to pay by way of deduction of their monthly salary. In this case the payment will be effected from the salary of the Customer who, is by accepting our terms and conditions, is delegating MoneyFellows to address its employing authority to deduct the fee due on the Customer to MoneyFellows. In the event the customer did not receive its monthly dues or salary, then the Customer undertakes and warrants to pay and settle all due amounts thereon from its savings and patrimony. Failure to pay on due date will subject the customer to a penalty of 1% for each belated week.
The customer receives a receipt against payment upon paying each of the instalment due thereon in relation to MoneyFellows ROSCA.
Upon receiving the total of its participation in the ROSCA, the customer shall deliver a signed receipt statement to MoneyFellows.
5. Privacy
Use of the data that you provide us, or which is collected by use on our Website, is governed by our Privacy Policy [https://moneyfellows.com/legal/privacy]. By using our site(s) you consent to such processing.
6. Access to Website
We try to ensure that website availability is uninterrupted and that transmissions will be error-free. However, we cannot, guarantee that your access will not be suspended or restricted from time to time, including to allow for repairs, maintenance or the introduction of new facilities or services. We of course try to limit the frequency and duration of any suspension or restriction.
7. Accounts and passwords
If you have registered or subscribed to MONEYFELLOWS Website, any user identification code or password must be kept confidential and used only by you (unless agreed in writing with MONEYFELLOWS). We have the right to disable any user identification code or password whether chosen by you or allocated by us at any time if in our option you have failed to comply with any of the provisions of these terms of use. You agree to notify MONEYFELLOWS immediately of any unauthorized access to or use of your user name or password or any other breach of security. You also agree to ensure that you exit from your account at the end of each session. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.
8. Intellectual property rights
The content, layout, design, data, databases and graphics on this website are protected by the Intellectual Property Law No. 82 of 2002 and are owned by MONEYFELLOWS. Unless expressly permitted in writing in a licence agreement, no part of the Website may be reproduced, stored in any medium, including but not limited to a retrieval system or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording, broadcasting) nor, shown in public other than by MONEYFELLOWS, which you may download and store for your personal, non-commercial use only.
You may not create any derivative work or make any other adaptation, without our prior written consent. You must not modify the copies we have displayed or printed in any way and you may not use any illustrations, photographs, videos or audio sequences or any graphics separately from any accompanying text. Any permitted use of our material is subject to ensuring that our copyright notices and trademarks appear as they do on all copies online and customary bibliographical citations including author attribution, date article title (where applicable) and the URL to the relevant MONEYFELLOWS website sections are included. If you print off or download any material from our website(s) in breach of these terms of use, any rights to use our site(s) will cease immediately and you must at our option return or destroy any copies of the materials you have made. All rights not expressly granted in these terms or any express written licence, are reserved.
The trademarks and logos which are displayed on the Website are the trademarks of the MONEYFELLOWS and its licensors. Any use including framing, metatags or other text utilising the MONEYFELLOWS trademarks or other trademarks displayed, is strictly prohibited without our (or our licensor’s) express written consent.
9. Third Party Links
Our Website contains links including hyperlinks which may take you outside MONEYFELLOWS Website. Links are provided for your convenience, and an inclusion of any link does not imply endorsement or approval by us of the linked website, its operator or content. We have no control over the contents or functionality of those sites and accept no responsibility for any loss or damages that may arise from your use of them. We are not responsible for any website outside the MONEYFELLOWS Website, and such website use will be subject to relevant terms and conditions and privacy policies.
You may not provide a link which suggests a form of association, approval or endorsement on our part, unless we have expressly agreed to this in writing.
We reserve the right to withdraw any linking permission without notice to you or by amending these terms and conditions.
10. Browsers
Please note: If you are using one of the popular “offline browsers” that allow you to download content from a site and read it later, please be aware that subject to ensuring that this amounts to only a small proportion of content, strictly for your personal non-commercial use, or where this amounts to “fair dealing” we impose one restriction on their use.
In order for us to provide reliable, continuous, and timely access to MONEYFELLOWS for all users, we ask that you configure your offline browser to not request more than one page per 60 seconds. Be aware that non-compliance with this rule may result in your access to MONEYFELLOWS being blocked until you contact us and resolve the problem.
11. Limitation of Liability
To the fullest extent permitted by law, MoneyFellows expressly excludes:
  • all conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity;
  • any liability caused by a force majeure event;
  • any obligation of effectiveness or accuracy; and
  • other than as set out below, any liability for any direct, indirect or consequential loss or damage incurred by you in connection with this Terms and Conditions, including by your use or inability to use any information on our website or within any course subscribed to, via any website linked to our website(s) and any material posted on it, including without limitation any liability for loss of income or revenue, loss of business, loss of profits or contracts anticipated savings, loss of data, loss of goodwill, wasted time and for any other loss or damage of any kind, howsoever and whether caused by tort including negligence, by breach of contract or otherwise, even if foreseeable.
12. Your conduct
You must not use the website in any way that causes or is likely to cause the website or access to it to be interrupted, damaged or impaired in any way. You understand that you are solely responsible for all electronic communications and contents sent from your computer to us. You must use the website for lawful purposes only.
Additionally, you agree not to:
  • Use the Website in any manner that could disable, overburden, damage, or impair the site or interfere with any other party’s use of the Website, including their ability to engage in real time activities through the Website.
  • Use any robot, spider or other automatic device, process or means to access the Website for any purpose, including monitoring or copying any of the material on the Website.
  • Use any manual process to monitor or copy any of the material on the Website or for any other unauthorized purpose without our prior written consent.
  • Use any device, software or routine that interferes with the proper working of the Website.
  • Attempt to gain unauthorized access to, interfere with, damage or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer or database connected to the Website.
  • Impersonate or attempt to impersonate MONEYFELLOWS, an MONEYFELLOWS employee, another user or any other person or entity (including, without limitation, by using e-mail addresses or screen names associated with any of the foregoing).
  • Attack the Website via a denial-of-service attack or a distributed denial-of-service attack.
  • Otherwise attempt to interfere with the proper working of the Website.
Without limiting the foregoing, we have the right to fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone posting any materials on or through the Website. YOU WAIVE AND HOLD HARMLESS MONEYFELLOWS AND ITS AFFILIATES, LICENSEES AND SERVICE PROVIDERS FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY ANY OF THE FOREGOING PARTIES DURING OR AS A RESULT OF ITS INVESTIGATIONS AND FROM ANY ACTIONS TAKEN AS A CONSEQUENCE OF INVESTIGATIONS BY EITHER SUCH PARTIES OR LAW ENFORCEMENT AUTHORITIES.
13. Content Standards
These Website Terms and Conditions permit you to use the Website for your personal, non-commercial use only. You must not use the website for any of the following:
  • For fraudulent purposes or in connection with a criminal offence or otherwise carry out any unlawful activity, including violations of applicable national, state, local or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from Egypt or other countries).
  • To send, use or re-use any material that is illegal, offensive, abusive, indecent, harmful, defamatory, obscene or menacing, racist, abusive, threatening, defamatory, invasive of privacy, in breach of confidence, infringes any intellectual property rights, or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, trojan horses, worms, time bombs, logic bombs, keystroke loggers, spyware, adware or any other harmful or similar computer code designed to adversely affect the operation of any computer software or hardware, political campaigning, commercial solicitation, chain letters, mass mailings or any spam.
  • To cause annoyance, inconvenience or needless anxiety.
  • To impersonate any third party or otherwise mislead as to the origin of your content.
  • For the purpose of exploiting, harming or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information or otherwise.
  • To promote sexually explicit or pornographic material, violence, or discrimination based on race, sex, religion, nationality, disability, sexual orientation or age.
  • To send, knowingly receive, upload, download, use or re-use any material which does not comply with these Content Standards.
  • To reproduce, duplicate, copy or resell any part of our Website in contravention with these terms of use or any other agreement with MONEYFELLOWS.
  • To infringe any patent, trademark, trade secret, copyright or other intellectual property or other rights of any other person.
14. Linking to the Website and Social Media Features
You may link to our homepage, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part without our prior express written consent.
This Website may provide certain social media features that enable you to:
  • Link from your own or certain third-party websites to certain content on this Website.
  • Send e-mails or other communications with certain content, or links to certain content, on this Website.
  • Cause limited portions of content on this Website to be displayed or appear to be displayed on your own or certain third-party websites.
You may use these features solely as they are provided by us, and solely with respect to the content they are displayed with and otherwise in accordance with any additional terms and conditions we provide with respect to such features. Subject to the foregoing, you must not:
  • Establish a link from any website that is not owned by you.
  • Cause the Website or portions of it to be displayed, or appear to be displayed by, for example, framing, deep linking or in-line linking, on any other site.
  • Link to any part of the Website other than the homepage.
  • Otherwise take any action with respect to the materials on this Website that is inconsistent with any other provision of these terms of use.
The website from which you are linking, or on which you make certain content accessible, must comply in all respects with the Content Standards set out in these terms of use.
You agree to cooperate with us in causing any unauthorized framing or linking immediately to cease. We reserve the right to withdraw linking permission without notice. Additionally, we may disable all or any social media features and any links at any time without notice in our discretion.
15. Indemnification
The Customer hereby undertakes to immediately indemnify MoneyFellows, its directors, employees, and affiliates against and for any loss, harm, claims, obligations, expenses (including legal costs and attorney fees) caused by your default to our terms and conditions or any other damage that may be caused by your misuse of the Website or the Application.
16. Governing law and jurisdiction
To the fullest extent permitted by law, these terms shall be governed and construed in accordance with the laws of the Arab Republic of Egypt whose courts shall have exclusive jurisdiction.
17. Disclaimers
We try and ensure our Website are available for use 24 hours per day, 7 days per week other than for a small period for scheduled down time, however we do not warrant that at other time our Website will be available. To the fullest extent permitted by law, we will be not be liable to you for damages or refunds should our sites become unavailable or access to a site becomes slow or incomplete due to system back-up procedures, internet traffic volume, upgrades, overload of requests to the servers, general network failures or delays, or any other cause which may from time to time make the any of our Website inaccessible to you.
THE WEBSITE AND ALL INFORMATION CONTAINED HEREIN IS PROVIDED “AS IS” WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. MONEYFELLOWS MAKES NO WARRANTIES OR REPRESENTATIONS REGARDING THE ACCURACY OR COMPLETENESS OF THE INFORMATION. MONEYFELLOWS ASSUMES NO RESPONSIBILITY FOR ERRORS OR OMISSIONS IN THIS PUBLICATION OR OTHER DOCUMENTS WHICH ARE REFERENCED BY OR LINKED TO THIS WEBSITE. INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE WITHOUT NOTICE.
You understand that we cannot and do not guarantee or warrant that files available for downloading from the internet or the Website will be free of viruses or other destructive code. You are responsible for implementing sufficient procedures and checkpoints to satisfy your particular requirements for anti-virus protection and accuracy of data input and output, and for maintaining a means external to our Website for any reconstruction of any lost data. MONEYFELLOWS WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY A DISTRIBUTED DENIAL-OF-SERVICE ATTACK, VIRUSES, OR OTHER TECHNOLOGICALLY HARMFUL MATERIAL THAT MAY INFECT YOUR COMPUTER EQUIPMENT, COMPUTER PROGRAMS, DATA OR OTHER PROPRIETARY MATERIAL DUE TO YOUR USE OF THE WEBSITE OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WEBSITE OR TO YOUR DOWNLOADING OF ANY MATERIAL POSTED ON IT, OR ON ANY WEBSITE LINKED TO IT.
If the Website contains links to other sites and resources provided by third parties, these links are provided for your convenience only. This includes links contained in advertisements, including banner advertisements and sponsored links. We have no control over the contents of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the third-party websites linked to this Website, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.