Rabat – The African Development Bank (AfDB) has granted a donation of $510,000 to support the Fund for the Development of Electronic Payment Acceptance in Morocco, established by Bank-Al Maghrib (BAM).
AfDB said that the donation, which took place through its African Digital Financial Inclusion Facility (ADFI), aims to support large-scale development of digital payments and financial inclusion.
The objective of the fund is to encourage merchants to adopt electronic payments, reducing dependence on cash and supporting the transition to a digital economy, complemented by BAM’s resources to set up the fund.
The statement emphasized how the initiative is part of the Digital Payments Development Strategy, with the AfDB Country Manager in Morocco determined that the agreement will help expand access to financial services for individuals and merchants.
Achraf Tarsim stressed that the agreement also strengthens the national payment ecosystem as a whole, laying the foundations for an inclusive and sustainable digital economy.
Abderrahim Bouazza, the director general of Bank Al Maghrib, also expressed satisfaction with the acquisition fund as a structural lever to accelerate the adoption of electronic payments in Morocco.
The support of international partners strengthens Morocco’s initiative seeking to promote the use of electronic payments to foster economic and social inclusion, he added.
In November last year, a report from the Bank Al-Maghrib confirmed a deep shift within Morocco’s national payment system, pointing towards a steady and accelerating digital transition.
In October last year, the latest Stay Secure study from Visa showed that digital payments are becoming more of the norm in Morocco.
The study shows that 97% of Moroccans say they now take active steps to secure their online transactions.
About 74% of those surveyed expect to use digital payments more in the next 12 months, suggesting the trend is only growing stronger.
