Bank of Africa (BOA) recently signed a long-term strategic partnership with Mastercard to accelerate the development of payment solutions in Morocco. This collaboration aims to introduce innovative solutions and speed up the digitalization of payments, with a shared vision of promoting financial inclusion and developing an inclusive digital economy, according to a joint statement from BOA and Mastercard.
Focusing on expanding the bank’s card portfolio, this partnership will leverage Mastercard’s global expertise and best practices to support Bank of Africa in developing its offerings for individuals, small, medium, and large enterprises, as well as accelerating the deployment of digital financial services. The initiative also includes the launch of multiple new products and innovative solutions in the Moroccan market.
“We continue to diversify our payment offerings to meet the evolving needs of individuals and businesses. With this new agreement, we are taking our collaboration with Mastercard to the next level,” said Khalid Nasr, CEO of Bank of Africa, as quoted in the statement. “Our diversified portfolio will help us position ourselves as the leading bank in digital payments in Morocco,” Nasr emphasized.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, stated that Mastercard is committed to supporting Morocco’s digital transformation by joining forces with key ecosystem players such as Bank of Africa. “Through our new collaboration, we will provide the bank’s customers with innovative and secure payment solutions backed by cutting-edge technology, enabling them to enjoy a seamless user experience,” Dosis noted. “Together, we aim to contribute to the rapid growth of the digital payment ecosystem in the country and include more people in the digital economy,” he added.
The digital payments market in Morocco is experiencing remarkable growth, driven by a young, tech-savvy population and the increasing popularity of e-commerce. According to data from Statista, the volume of digital transactions in the country is expected to reach USD 6.53 billion this year, and USD 8.468 billion by 2028.
