BANK OF AFRICA and CHARI Money, a subsidiary of fintech CHARI, have formalized their partnership through the signing of an agreement aimed at supporting Moroccan grocers in their digital transition.
Thanks to the approval of Bank Al-Maghrib, CHARI Money now benefits from the status of payment institution, in accordance with law 103-12. This partnership with BANK OF AFRICA gives CHARI Money the status of associate member of VISA. This collaboration will allow CHARI to issue bank cards to its customers, thus facilitating retailers’ access to adapted financial services.
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Ismael Belkhayat, co-founder and CEO of CHARI, welcomed this initiative: “This merger perfectly illustrates the interest and complementarity of large companies and start-ups, which join forces to promote financial inclusion and reach low-income populations. income, often excluded from traditional banking services. »
As a main member of VISA, BANK OF AFRICA will ensure electronic clearing of CHARI Money nationally and internationally. This guarantor role positions the bank as a key player in strengthening access points to financial services in Morocco.
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Khalid Nasr, Executive General Director of BANK OF AFRICA, said: “We are delighted with this partnership with a promising fintech, which marks a major step forward in favor of financial inclusion and contributes to densifying access points to financial services to better meet the needs of our ecosystems. »
Grocery stores, true pillars of neighborhood life, are at the heart of this strategy. Moncef Belkhayat, President of Dislog Group, highlighted their fundamental role: “These businesses must be integrated as strategic allies to promote the financial inclusion of our country, with a clear vision for 2030.”
BANK OF AFRICA and CHARI Money have also signed agreements allowing the latter to participate indirectly in structuring financial systems, such as the Moroccan Interbank Tele-clearing System (SIMT) and the Moroccan Gross Settlement System (SRBM).
