Banks need to open demands for telecom operators. Approves 11 licensed finance and telecom operators and the list is not closed.
Mobile Payment M-Wallet provides official documents in Morocco for about three years. Of course, inter-agency interaction between banks and telecom companies will be operational monthly. Using smartphone can make purchases, money transfers, or bill payments. Bank Al Maggreb (BAM) has announced a target of 6 million users. With over 51,000 connected commercial agents annually 15 billion transactions. All on the horizon in 2024.
Authorized payment institutions are now 11, at a conference organized by Rabat and BAM on Tuesday, as well as regulators like their National Telecommunication Regulatory Agency (ANRT). Maroc Telecom Cash, Orange Money, Vana Mani and Barid Cash are subsidiaries developed by telecom operators. Banks are Bank Popeller, BMCC, CIA Bank, Credit Agricole du Merak, Vafakash and Society General. The certification process has not ended and other new players will be able to invest in the new market, he said.
Furthermore, beyond the rules of the law, each Actor retains the freedom to maintain freedom, establish it in the place of his offer, and enrich more flexibility in service. Mohammed Horani, CEO of Hi-Tech Payment Systems, said criteria for implementing Interpolitivity were based on international standards. He added that the platform will ensure safety and continuity throughout Morocco. The electronic platform should be efficient to absorb the growing volumes in the coming years. However, to strengthen this new payment solution, BAM's CEO Abirahim Bausassa Pff expressed the hope to meet a DH stamp duty in 2019 as a tax benefit. What is the connection with the domestic mobile payment? In his argument, national strategy for the current economic inclusion is highlighted. Such an inspiration is based on its purpose. 6 Money laundering can be taken to pay mobile, as mentioned above, the money to the merchant, transfer of money and invoice payments. Payment This method has three destinations defined. "Without money", using more or more people's population in the city, "exclusive cash" for a city and city inhabitants, eventually a population that does not see a single rural bank. The idea is to capture between 50 and 60 MMDH of 400 MMDH distributed in various payment channels by 2024. In early 2019, communication and awareness of the benefits of mobile payment will be prepared. BAM requires a regulatory assurance to save users of this payment device. This is enough to complete the list of the phone numbers and the M-Wallet. Institutions can start companies to deploy this new device in the coming days.
AnRRT CEO Azelarab Hassibi explained that the payment system includes all social statuses in Morocco, emphasizing the importance of selecting mobile number as a vector of this new solution. Is part of the country's digital strategy. Today, it is important to lower your use of money to promote financial dematerialization, which helps better flow management and reduces transaction costs. Morocco is very low in individual individuals' money (5.5) each year. In Mexico it is 20, France 269 and Finland 448. In Morocco, 82% of bank card transactions are cash withdrawals and 76% of interbank checks.
Grow the digital economy
In addition to the quality of the economy, the rise of digital economy and dematerialisation payments are now the flourishing of the developing countries. This allows credit institutions to restore quick liquidity, reduce administrative expenses, reduce financial exemptions and encourage direct support systems to citizens.