BANK OF AFRICA and CHARI have sealed a transformative partnership aimed at modernizing Morocco’s small-scale grocery sector. This agreement grants CHARI Money the status of an associated member of VISA, enabling it to issue payment cards and drive the digitalization of local businesses.
The collaboration comes after CHARI Money received authorization from Bank Al-Maghrib to operate as a payment institution under Moroccan law 103-12. This milestone opens the door for CHARI to bridge the gap between traditional commerce and modern financial services, providing grocers with tools to thrive in a fast-evolving economy.
Through this alliance, BANK OF AFRICA will act as a monetary settlement guarantor for CHARI on both domestic and international fronts. The bank will also oversee CHARI’s national clearing processes, ensuring smooth and secure financial operations.
For CHARI Money, this partnership means greater autonomy. The fintech company will be able to issue its own cards, empowering its customers to manage their finances with ease. This approach is set to place financial tools directly into the hands of grocers, helping them embrace digital platforms and strengthen their businesses.
Ismael Belkhayat, CEO of CHARI, remarked: “This partnership between one of Morocco’s most innovative banks and a dynamic fintech highlights the power of collaboration between large corporations and startups. Together, we can drive financial inclusion and support underserved populations often left out of traditional banking systems.”
Similarly, Khalid Nasr, Executive General Manager of BANK OF AFRICA, shared his optimism: “We are delighted to partner with such a promising fintech. This collaboration is a significant step forward for financial inclusion and extends access to financial services in a way that supports our ecosystem’s needs.”
Morocco’s corner stores, or hanouts, have long been the backbone of local communities. These businesses play a vital role, not just as retailers but also as community hubs that provide informal credit and maintain deep knowledge of their customers.
Moncef Belkhayat, President of H&S Invest Holding, emphasized this point:
“Neighborhood grocers are social stabilizers and trusted partners. They are perfectly positioned to promote financial inclusion, and their integration into the digital economy is key to realizing Morocco’s 2030 vision.”
In addition to empowering grocers, the partnership integrates CHARI Money into Morocco’s financial systems, including the Interbank Electronic Clearing System (SIMT) and the Gross Settlement System (SRBM). With these developments, CHARI Money is poised to become a major player in the country’s financial landscape, leveraging the support of BANK OF AFRICA to lead the charge toward digital inclusivity.
This union of traditional commerce and cutting-edge financial technology promises to pave the way for a more connected and inclusive Moroccan economy.
