African Development Bank Partners with Bank Al-Maghrib to Enhance Electronic Payment Systems
Funding for Digital Payment Development
The recent financial grant from the African Development Bank (AfDB) is aimed at significantly scaling up the development of digital payment systems in Morocco. This initiative is designed to enhance financial inclusion while simultaneously working to decrease the reliance on cash transactions.
This funding complements the financial resources already mobilized by Bank Al-Maghrib to establish a dedicated fund. The primary goal of this fund is to encourage merchants to adopt electronic payment methods, thereby facilitating a transition towards a more digital economy.
Supporting Morocco's Digital Payment Strategy
This initiative is part of Morocco's broader digital payment development strategy, which focuses on promoting payment solutions, digitizing transactions, and reducing cash dependency.
Achraf Tarsim, the country representative of the African Development Bank in Morocco, emphasized that this agreement will enhance access to financial services for both individuals and merchants. It aims to strengthen the national payment ecosystem, laying the groundwork for an inclusive and sustainable digital economy.
Strategic Importance of the Acquisition Fund
Abderrahim Bouazza, the Director General of Bank Al-Maghrib, highlighted the significance of the Acquisition Fund as a structural lever to accelerate the adoption of electronic payments in Morocco. He noted that support from international partners, including the AfDB through the African Development Fund for Infrastructure (ADFI), bolsters a national initiative aimed at promoting electronic payment usage for economic and social inclusion.
AfDB's Commitment to Morocco
Since 1978, the African Development Bank Group has mobilized nearly €15 billion to finance over 150 projects and programs in Morocco. These initiatives span critical sectors such as transportation, social protection, water and sanitation, energy, agriculture, governance, and the financial sector.
