The African Development Bank (AfDB), through its Africa Digital Financial Inclusion Facility (ADFI), has awarded a grant of USD 510,000 to Bank Al-Maghrib, Morocco’s central bank, to advance digital payments and enhance financial inclusion in the country. This collaboration aims to reduce Morocco’s reliance on cash and support the transition toward a more robust digital economy. The grant will assist Bank Al-Maghrib’s Electronic Payments Acceptance Development Fund, a key initiative to boost electronic payment adoption among merchants and improve the national payment ecosystem.
Strengthening Financial Inclusion
This initiative aligns with the African Development Bank’s broader goal of promoting digital financial services across Africa. By expanding access to financial services, the grant helps integrate more people into the digital financial ecosystem. As part of the Digital Payments Development Strategy, this collaboration also aims to digitize transactions, further promoting the shift from cash-based economies to digital platforms that offer faster, secure, and more inclusive financial services.
A Commitment to Morocco’s Digital Economy
Achraf Tarsim, the African Development Bank’s country manager for Morocco, emphasized the long-term benefits of this partnership, stating that it will strengthen Morocco’s payment infrastructure and contribute to the country’s economic and social inclusion. “This agreement will help expand access to financial services for the population and merchants, consolidating the foundations for an inclusive and sustainable digital economy,” Tarsim said.
Continued Support for Financial Transformation
Bank Al-Maghrib’s Director-General, Abderrahim Bouazza, highlighted the significance of this partnership in accelerating the adoption of electronic payments. He explained that the support from the African Development Bank would reinforce a national initiative to promote the use of electronic payments, benefiting both the economy and society as a whole.
A Long History of Collaboration
The African Development Bank has been a key partner in Morocco’s development since 1978, financing over 150 projects in sectors like transport, energy, social protection, and agriculture. This recent grant builds on the Bank’s history of supporting Morocco’s financial sector and its ongoing efforts to foster economic growth through innovation and inclusion.
The partnership between the African Development Bank and Bank Al-Maghrib marks a significant step in advancing Morocco’s digital economy and promoting financial inclusion. With this grant, Morocco is poised to further integrate digital payment systems, enhancing economic access and stability for its citizens and businesses alike.
