This article was automatically translated from HIBAPRESS, the Arabic version:
Hibapress-Casablanca
Following the approval obtained by Bank Al Maghrib and in accordance with the provisions of Law 103-12, granting CHARI Money the status of payment institution, BANK OF AFRICA signs a partnership with CHARI Money with the aim of facilitating the digitalization of small CHARI’s corporate clients.
Indeed, this partnership opens a new stage in the development of CHARI by digitalizing transactions between grocers and customers. As a main member of VISA, BANK OF AFRICA enters into an agreement with CHARI Money, allowing it to become an associate member. Thus, through this new status, CHARI will be able to issue electronic payment and order BINs for its various cards for domestic use.
Such a partnership aims, on the one hand, to place BANK OF AFRICA as guarantor of the electronic payment compensation of CHARI on the domestic and international level and on the other hand, to process all the national compensation of CHARI through BANK OF AFRICA
Thanks to this partnership, CHARI Money will be able to issue cards to its customers allowing it to put the power of financial services in the hands of retailers and establish direct communication with them, thus accelerating their digitalization and digital transition.
In this wake, Ismael Belkhayat, co-Founder and CEO of CHARI, declared: “I am proud of this partnership between one of the most innovative Moroccan banks and a dynamic fintech. This merger perfectly illustrates the interest and complementarity of large companies and start-ups, which join forces to promote financial inclusion and reach low-income populations, often excluded from traditional banking services.
The main objective of this new alliance between BANK OF AFRICA and CHARI is to promote the development of Moroccan grocers, guardians of a rich historical tradition, and to integrate them into the digital world; in the digital age.
To this end, Khalid Nasr, Executive General Director of BANK OF AFRICA welcomed this union: “We are delighted with this partnership with a promising fintech, which marks a major step forward in favor of financial inclusion and contributes to densifying access points to financial services to better meet the needs of our ecosystems. »
As the main agent of CHARI Money, Dislog Group is actively engaged in this process. Moncef Belkhayat, President of the H&S Invest Holding group: “Local grocery stores play a fundamental role in neighborhood life. True social stabilizers, they are also trusted partners, capable of carrying out precise KYC of their customers while offering services such as credit. These businesses must be integrated as strategic allies to promote the financial inclusion of our country, with a clear vision for 2030. To achieve this objective, it is essential to put in place an incentive plan aimed at supporting their growth and promote their role in the local economy. »
Furthermore, as part of this partnership, BANK OF AFRICA and CHARI Money have signed agreements allowing the latter to become an indirect participant in the structuring systems of the financial center; such as the Moroccan Interbank Tele-clearing System –SIMT- and sub-participant of the Moroccan Gross Settlement System –SRBM-, through BANK OF AFRICA, due to the status of payment institution.
