Digitally focused project launches in 2018, aims for 250,000 new customers
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BRUSSELS, 25 October 2017 – Morocco's Al Barid Bank and WSBI this month signed a Memorandum of Understanding for a digitally focused postal savings bank to drive greater financial inclusion.
Falling under WSBI's Making Small Scale Savings Work programme supported by the Mastercard Foundation, Al Barid Bank in Morocco will launch the new project this month to start to digitise government-to-person (G2P) payments and develop a mobile payment ecosystem to cover the entire electronic payment value chain, which includes individual customers, traders and suppliers.
Mr. Redouane Najm-Eddine, Chief Executive of Al Barid Bank said: “The project fits into part of our overall strategy to target rural areas where the bank will offer specific packages to G2P beneficiaries and/or their families. The specific end-user offer features a package consisting of an e-wallet and a remunerated savings account that can be accessed from the mobile."
In addition, Al Barid Bank will equip traders with payment solutions if needed. In this way, the beneficiaries of these services will be able to buy essential products from traders of commodity goods like milk, sugar and flour. The selected fast-moving consumer goods will be tagged with the retail payment module, allowing traders to pay for their deliveries electronically.
WSBI Managing Director Chris De Noose said: “The project aims to reach 250,000 new customers who will benefit from the digital G2P payments. At least half of them who will open a savings account at the bank. By the end of the project, Al Barid Bank foresees having equipped 2000 new traders and the entire value chain with the Barid Bank Mobile product."
Pilot preparation starts this month with a scheduled implementation start date in January 2018.
About Al Barid Bank
Al Barid Bank is a subsidiary of the Barid al Maghrib group and began its banking activities in 2010. The bank has now developed a large network with over 1,800 branches and aims to be the bank for all Moroccans with a strategic purpose to expand the number of people in the financial mainstream. As of year-end 2014, the bank had 5.9 million clients and US $4.79 billion in assets.
About the World Savings and Retail Banking Institute
WSBI represents the interests of 6,000 savings and retail banks globally, with total assets of $14tn and serving one billion customers in nearly 80 countries (as of 2014). WSBI focuses on international regulatory issues that affect the savings and retail banking industry. It supports the aims of the G20 in achieving sustainable, inclusive, and balanced growth, and job creation, whether in industrialised or less developed countries. WSBI favours an inclusive form of globalization that is just and fair, supporting international efforts to advance financial access and financial usage for everyone. Learn more.