Financial inclusion: MoU between Attijariwafa bank and Crédit Agricole du Maroc

The Attijariwafa bank group and the Crédit Agricole du Maroc group, represented respectively by Mohamed El Kettani, Chairman and Chief Executive Officer and Noureddine Boutayeb, Chairman of the Management Board, signed, on Monday December 12, a memorandum of understanding (MoU) relating to the strengthening of the strategic collaboration framework of their respective subsidiaries, namely Wafacash and Al Filahi cash.

Thus, through the signing of this memorandum of understanding, specifies a joint press release, Al Filahi Cash and Wafacash are joining forces to work on national initiatives, the marketing of transfer and payment services, intermediation in loans, and any other business opportunity.

The Al Filahi Cash network, which targets mainly rural and peri-urban customers in areas with high demographics and low coverage in proximity points, thus complements the Wafacash network, to ensure a better presence vis-à-vis the customer base.

This territorial coverage, which promotes the reduction of disparities, is fully in line with the national financial inclusion strategy aimed at facilitating the access of disadvantaged people to various financial services and products.

Attijariwafa bank and Crédit Agricole du Maroc, both leaders in their respective sectors and major players in financial inclusion, combine their strength through their respective subsidiaries and capitalize on the expertise, skills and technical means available to each, and so that they can together achieve their strategic and operational objectives of development, expansion and proximity.

By initialing this agreement, these two payment institutions will thus be able to start collaborating in different sectors, according to the regulations in force. They will also be able to better pool their efforts in order to develop money transfer and payment services targeting the rural and urban world.

Speaking on this occasion, Abdelmounaim Dinia, President of Al Filahi Cash, felt that “through the signing of this agreement, Al Filahi Cash, which comes from a parent company that participates extensively and actively in the various public service missions, wishes to put all its human and operational resources at the service of national projects that are part of the framework of the national financial inclusion strategy aimed at reducing disparities and facilitating access for disadvantaged people to various financial services and products”.

For his part, Abdesslam Bouirig, Managing Director of Wafacash, underlined that with the signing of this agreement, ” Wafacash is fully in line with the strategic orientations dictated by the Moroccan government with a view to promoting financial inclusion, by actively contributing to bringing services and aid closer to beneficiaries”.

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