Morocco historically was a cash reliant society but the pandemic changed this habit, whereby it had some of the world's highest rates of unbanked
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Mastercard and NAPS Collaborate to Drive Digital Payment Innovation in Morocco

Mastercard has teamed up with Moroccan fintech NAPS to drive innovation in Morocco’s digital payments landscape. The collaboration also builds upon a strong historical relationship between the pair and aims to develop innovative payment solutions for individuals and businesses.

NAPS, with its mission to expand the horizons of digital payments in Morocco, brings over 30 years of expertise from M2M Group in software for electronic payments and biometric identity. Furthermore, as a partner of Mastercard, NAPS also acquires access to their extensive network, knowledge, and diverse portfolio of products and services, all powered by secure and innovative technologies

Aligned with NAPS’s long-term strategy, the collaboration with Mastercard will also enhance the company’s innovation capabilities by leveraging Mastercard’s advanced technology, ultimately speeding up the time to market for NAPS’s upcoming digital offerings.

Mohamed Benomar, country general manager, MENA West, Mastercard, expressed their commitment to supporting a global network of innovators and building a more accessible and sustainable digital economy. Benomar stated: “We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth.”

While Hassan Ghellab, CEO of NAPS, emphasised that the partnership with Mastercard will foster a culture of innovation. Ghellab believes that by accelerating the development of digital payment solutions in Morocco, the collaboration will solidify the country’s status as a “premier fintech hub in the Arab world”.

Working together

The collaboration between NAPS and Mastercard aims to create new digital service ecosystems in Morocco, unlocking the full potential of digital payments and enhancing user experiences through innovative services. These digital ecosystems will facilitate the development of high-value applications and explore new service opportunities, contributing to sector-wide innovation and digital transformation.

Morocco has emerged as a prominent fintech hub in the Arab world, as highlighted in the CGAP report Fintechs Across the Arab World. The report identifies factors such as high mobile coverage, a sizable unbanked population, a talented workforce, infrastructure upgrades, government initiatives, and supportive regulations as key drivers of growth in Morocco’s fintech sector.

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