Mastercard and Moroccan fintech company NAPS joined forces to develop a range of payment solutions for individuals and businesses, according to a statement from NAPS.
The collaboration aims to strengthen the longstanding relationship between the two entities and expand the horizons of virtual payments in Morocco.
As a partner of Mastercard, NAPS will gain access to the extensive network, expertise, and product portfolio of the global payment processing company, which are supported by secure technologies.
The partnership aligns with NAPS’ long-term growth strategy, focusing on enhancing its innovation capabilities through Mastercard’s technology and improving time to market for its all-digital offerings, the company said in a statement.
Commenting on the collaboration, Mohamed Benomar, Mastercard’s Country General Manager, MENA West expressed the company’s commitment to supporting a global network of innovators and building a more accessible and sustainable digital economy.
Benomar emphasized Mastercard’s role as a trusted partner for fintech companies, helping them achieve agility. He expressed delight in sharing technological expertise with NAPS to advance inclusive growth.
On his part, NAPS CEO Hassan Ghellab highlighted the significance of the partnership in reinforcing the company’s position as a market-leading fintech firm and fostering a culture of innovation.
Ghellab stated that by accelerating the development of digital payment solutions in Morocco, the partnership would contribute to establishing the country as a premier fintech hub in the Arab world.
The collaborative efforts of NAPS and Mastercard are geared toward creating new ecosystems for all-digital services in Morocco. The initiative aims to unlock the true potential of virtual payments, providing consumers with an enhanced experience through innovative services and accelerating financial inclusion efforts.
The all-digital ecosystems will facilitate the development of essential applications and explore new service opportunities, driving innovation and the digital transformation of the industry, NAPS argues in the statement.
Morocco’s emergence as a prominent fintech hub in the Arab world has been recognized in the CGAP report “Fintechs Across the Arab World,” released in December 2020.
The country boasts high mobile coverage, a substantial unbanked population, a pool of talented individuals, infrastructure improvements, and government initiatives that support the adoption of all-digital financial services.
These factors, along with progressive regulations, contribute to the ongoing growth of the fintech market segment in Morocco.
