2023-05-15 11:00:09
A memorandum of understanding has been signed between the two parties
Partnership : Visa supports Morocco’s efforts in financial inclusion. In this regard, the company signed a memorandum of understanding with Al Barid Bank on May 12, 2023. A partnership that aims to support the financial inclusion of Moroccan women, artisans, young entrepreneurs and cooperatives.
Al Barid Bank and Visa strengthen their partnership with the signing of a memorandum of understanding during a ceremony which took place on May 12, 2023 in Casablanca. This initiative aims to promote the financial inclusion of women, artisans, young entrepreneurs and cooperatives in Morocco. The two parties are joining forces to implement measures intended to support target populations with a need for training and support to integrate the financial and banking ecosystem.
“In the continuity of its civic mission and with its proven experience in the field of financial inclusion, Al Barid Bank is pleased to partner with Visa in order to contribute to local economic development for the benefit of target populations, through the training, support and awareness of good banking and financial practices for the development and/or sustainability of their projects,” says Al-Amine Nejjar, Chairman of the Board of Al Barid Bank.
For her part, Leila Serhan, senior vice president of the North Africa, Levant and Pakistan (NALP) region for Visa, Visa’s main objective “is to help everyone, everywhere, by being the best way to pay. and get paid.
To achieve this, Visa is committed to supporting Morocco’s efforts to accelerate financial inclusion in all segments”. Thus, training will be provided throughout the year for the populations concerned, in particular craftsmen, traditional VSEs, especially women, young entrepreneurs and the self-employed. It must be said that Visa and Al Barid Bank have already joined forces as part of the last edition of Global Money Week through the organization of three training sessions in Casablanca, Fez and Safi for the benefit of a population of craftsmen around of the theme of financial inclusion. In addition, the development of the Moroccan version of Visa’s online platform, “Practical Business Skills (PBS)” is one of the levers that will be put in place within the framework of this partnership. It will provide via the institutional site of Al Barid Bank free educational resources on financial inclusion through digital.
This partnership also aims to support traditional Moroccan companies in the digitization of their financial flows through the implementation of intuitive, simple and innovative solutions. It should be noted that a joint action plan between the two parties will be implemented to promote financial inclusion in Morocco in order to achieve the various objectives of this memorandum of understanding.
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“Our prospects in Morocco are numerous”
Questions to Leila Serhan, Senior Vice President of North Africa, Levant and Pakistan (NALP) Region for Visa
ALM: Can you tell us more regarding the partnership signed with Al Barid Bank?
Leila Serhan: We are very proud to have signed this agreement which solidifies our partnership with Al Barid Bank. It focuses on financial inclusion and financial education for women, for entrepreneurs, for artisans and for cooperatives throughout Morocco. Associating two players as important as Visa, which is present today in a global network of 200 countries, and Al Barid Bank, which is deployed throughout Morocco via more than 2,500 points of interaction with the Moroccan population, is essential. It is also a question of sensitizing young entrepreneurs, women, craftsmen of Morocco through financial education.
How is Visa positioned on the Moroccan market?
We have been present in Morocco for more than 25 years through an office that continues to grow year following year. We have established several partnerships with all the players in the world of finance and Fintech here in Morocco. We also work closely with the Moroccan government, the central bank of Morocco and other actors. The various partnerships developed concern digitalization in the financial sector but also financial inclusion.
You have chosen to support the empowerment of women in your projects. What place for female entrepreneurship in your development strategy?
The place of women is very important because if we want to achieve real financial inclusion, women must be part of it. For example, last year we launched a competition called “She’s Next” here in Morocco where we had more than 100 entries from women entrepreneurs and 5 Moroccan businesses founded by women won not only financial support but also support for a year to help them do marketing and expand their business.
What are the prospects for Visa in Morocco?
Our prospects in Morocco are numerous and this is only the beginning. There is a lot of work to be done in financial inclusion when we see that 85% of transactions are made through cash. There is also a long way to go in terms of financial education and to offer products that meet the needs of Moroccan men and women wherever they are in the country.
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