BANK OF AFRICA and CHARI today signed a partnership agreement which grants CHARI Money the status of associate member of VISA. This step, made possible thanks to the approval obtained by Bank Al Maghrib in accordance with Law 103-12, gives CHARI Money the status of payment institution.
This partnership aims to facilitate the digitalization of CHARI’s small business clients, by modernizing transactions between grocers and customers. Thanks to its new status, CHARI Money will be able to issue domestic cards, order BINs and strengthen access to financial services for retailers.
As a main member of VISA, BANK OF AFRICA becomes the guarantor of CHARI’s electronic banking operations, both nationally and internationally, while processing national clearing via its systems.
Ismael Belkhayat, co-founder and CEO of CHARI, said: “This partnership illustrates the complementarity between large companies and start-ups to promote financial inclusion and meet the needs of low-income populations often excluded from traditional banking services. »
For Khalid Nasr, Executive General Director of BANK OF AFRICA: “This partnership marks a major step forward for financial inclusion and access to financial services in our ecosystems. »
Moncef Belkhayat, President of the H&S Invest Holding group, also underlined the strategic importance of local grocery stores: “True social stabilizers, they play a key role in the local economy and must be supported in their digitalization. »
This partnership will allow CHARI Money to become an indirect participant in major financial systems such as the Moroccan Interbank Tele-clearing System (SIMT) and a sub-participant of the Moroccan Gross Settlement System (SRBM).
With this alliance, BANK OF AFRICA and CHARI are committed to supporting the digital transition of Moroccan grocery stores, thus contributing to inclusive economic development and the development of small businesses.
LNT
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