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Rabat – Visa, global leader in digital payment, and digital payments manager Interbank Monetary Center (CMI) are launching a new first-of-its-kind channel for Moroccan businesses to streamline their Business to Business (B2B) money transactions.
The two partners designed the channel to “improve and secure” cash flow between businesses, according to a joint press release.
Accelerating the adoption rate of digital payment between Moroccan businesses is a pivotal aim behind the initiative, specifies the press release.
First established in Morocco in 2004, CMI operates in developing and managing digital payments between public administrations, banking establishments, traders, e-traders, and individuals in Morocco.
Digital payments allow businesses more time for their core services and less time dealing with managing transactions. Adopting innovative payment channels will help ensure a “seamless and secure” experience for businesses, explains Said Sami Romdhane, who is a manager at Visa.
Innovative payment solutions can be tailor-made to serve the needs of businesses irrelevant to the business size, paving the way for growth, says Romdhane.
“Through this initiative, which is the first of its kind in Morocco, CMI confirms its commitment to supporting FMCG retailers and key accounts in a secure and innovative way,” said Ismail Bellali, General Manager at CMI.
“By equipping merchants with exclusive solutions such as PayByMail or with Android smart terminals, CMI is making a strong contribution to accelerating financial inclusion among small businesses, but also to reducing the circulation of cash,” Bellali explains.
The Visa-CMI partnership is in line with Morocco’s progressive agenda to promote financial inclusivity. Experts across the spectrum view digital payments as a promising solution to serve the unbanked and underbanked segments of the population, especially in Africa.
