A new financial services brand is looking to make everyday transactions easier for people across Morocco. May Cash, launched by Maymouna Services Financiers, says it plans to build a network of nearly 1,300 service points to help people access basic financial and administrative services closer to home.
The company will offer services including money transfers inside and outside Morocco, bill payments, CNSS services, state aid payments and other day-to-day transactions.
May Cash says it wants to focus on areas where access to these services is still limited. The company says its network will be rolled out gradually through its own branches and franchise partners, although it has not said when it expects to reach its target of 1,300 locations.
The brand says its approach is built around four main ideas: being close to customers, making services easy to access, providing reliable service and supporting local communities.
The launch comes as Morocco continues efforts to bring more people into the formal financial system.
Around 53% of Moroccans have a bank account, meaning a large part of the population still relies mainly on cash and local payment networks for everyday transactions.
Mobile payments have grown quickly in recent years, with more than seven million mobile wallets registered across the country. However, getting people to use those wallets regularly remains a challenge.
Cash still plays a major role in the economy and is used in around 90% of retail transactions. That has created a need for physical service networks that can help people access financial services in their local areas.
Money transfers are also a key part of the market. Moroccans living abroad send more than $11bn home every year, equal to about 8% of the country’s economic output.
Payment institutions have also become important partners for the government in distributing social support programmes. In recent years, they have helped deliver billions of dirhams in aid payments to millions of families.
