Mastercard Partners with BANK OF AFRICA to Accelerate Payment Solutions Development in Morocco
July 29, 2024 | Casablanca, Morocco;
Casablanca, Morocco; 29 July 2024: BANK OF AFRICA, a leading bank in Morocco, has entered into a long-term strategic partnership with Mastercard. This collaboration aims to introduce innovative solutions and accelerate the digitalization of payments, based on a shared vision of promoting financial inclusion and developing an inclusive digital economy.
Focusing particularly on the development of the bank's card portfolio, this collaboration will benefit from Mastercard's global expertise and best practices to support BANK OF AFRICA in developing its offerings for individuals, small, medium, and large enterprises, as well as accelerating the deployment of digital financial services. This initiative also plans to launch multiple new products and innovative solutions in the Moroccan market.
"BANK OF AFRICA is a pioneer in digital banking, playing a crucial role in promoting financial and social inclusion. We continue to diversify our payment solutions to meet the evolving needs of individuals and businesses. With this new agreement, we are taking our collaboration with Mastercard to the next level. Our diversified portfolio will help us position ourselves as the leading bank in digital payments in Morocco," said Khalid Nasr, Executive General Manager of BANK OF AFRICA.
"At Mastercard, we are committed to supporting Morocco's digital transformation by joining forces with key ecosystem players such as BANK OF AFRICA. Through our new collaboration, we will provide the bank's customers with innovative and secure payment solutions supported by cutting-edge technologies, allowing them to have a seamless user experience. Together, we aim to contribute to the rapid growth of the digital payments ecosystem in the country and include more populations in the digital economy," said Dimitrios Dosis, President EEMEA at Mastercard.
The digital payments market in Morocco is experiencing remarkable growth, driven by a young and tech-savvy population, as well as the increasing popularity of e-commerce. According to Statista data, the volume of digital transactions in the country is expected to reach USD 6.53 billion this year, and USD 8.468 billion by 2028.
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