An agreement has been signed between the African Development Bank Group (AfDB) and Bank Al‑Maghrib (BAM) to support the development of electronic payments in Morocco and advance financial inclusion.
Under this agreement, the AfDB is providing a grant of USD 510,000 as part of the Digital Financial Inclusion Facility in Africa, contributing to a pilot project to accelerate the adoption of electronic payments in the country. BAM will co‑finance the initiative, bringing additional resources to the project.
The project aims to help expand the acceptance of electronic payments by subsidizing onboarding costs for merchants through financial service providers and fintech companies, with the goal of reducing the reliance on cash and enhancing broader financial inclusion. This initiative comes in the context of efforts to modernize Morocco’s payment ecosystem, encourage the formalization of the economy, and promote wider access to digital financial services.
The pilot phase is expected to inform the design of a sustainable electronic payment development fund that will support long‑term adoption and build a more robust digital payments network in Morocco.
