The Ministry of Industry and Trade, Visa & Al Barid Bank have signed a memorandum of understanding to support the implementation of strategies adopted by the Ministry, particularly in the development and digitalization of the commerce and distribution sector.
In this context, Al Barid Bank, as a citizen bank advocating for financial inclusion and being the leading card issuer as well as a key player in electronic payment acquisition, commits to supporting SMEs and merchants by providing efficient and intuitive digital solutions that cover the entire value chain and are specifically designed for these targets.
For Visa, the global leader in digital payments, this partnership is part of its program aimed at accelerating digital transformation in Africa, deploying new innovative technologies, and deepening collaboration with its partners in Morocco. In this regard, Visa will leverage its extensive experience to expand acceptance through innovative digital solutions complemented by its financial education platforms.
Emphasizing that the digitalization of payments is an effective tool that allows merchants to strengthen their vital role and modernize their operations, Mr. Ryad Mezzour, Minister of Industry and Trade, stated, “This partnership is of paramount importance and illustrates our ongoing commitment to accelerating the digital shift in the commerce and distribution sector. By combining our efforts with the expertise of the global leader in digital payments and Al Barid Bank’s domain expertise, we aim to achieve the financial inclusion of our merchants and SMEs who will have access to innovative digital solutions that can optimize their business operations, thereby enhancing their empowerment and competitiveness.”
In this context, Ms. Leila Serhan, Group Country Manager of Visa for North Africa, Levant, and Pakistan, stated, “Visa is committed to supporting SMEs, which are a fundamental and essential structure for maintaining the unique and specific character of the Moroccan economy. They represent over 90% of Moroccan businesses and contribute significantly to the economy, generating more than 20% of the national GDP. Through our partnership, we are committed to encouraging innovation and supporting Morocco’s progress in technology and commerce.”
For his part, Mr. Al Amine NEJJAR stated, “The digitalization of payments and, more generally, the development of a digital economy, is now in tune with the times and will, beyond facilitating transactions, establish a virtuous economic dynamic that will naturally increase the revenues of merchants and SMEs. Therefore, it is with pride that Al Barid Bank commits today alongside the Ministry of Industry and Trade to contribute to the building of a structuring project with national scope, which broadly aims to promote Morocco as a leading hub for retailtech on the African and global scale.”
Finally, the parties commit through this partnership to pool their efforts to support the implementation of the strategies adopted by the Ministry, by establishing a joint action plan to help strengthen the empowerment and competitiveness of businesses in the commerce sector, particularly through the acceleration of their digitalization and financial inclusion.
