Rabat – Morocco will use “fintech,” financial technology, to give more access to financial services as part of its “financial inclusion” strategy, says central bank governor Abdellatif Jouahri.
At the Africa Blockchain Summit in Rabat, Jouahri noted that fintech is redefining banking services, reported Maghreb Arab Press (MAP).
The summit’s focus, blockchain, refers to an encrypted list of records. The technology has been used in crypto currencies like Bitcoin and to create secure records that are unchangeable.
The blockchain summit, whose participants are meeting on Thursday, November 21, is focusing on “Blockchain at the service of the financial sector.”
The Bank Al-Maghrib governor hopes to use “fintech” to further Morocco’s goals of giving “all individuals and businesses a fair access to formal financial products and services … in order to promote economic and social inclusion.”
Fintech includes a range of services, including mobile apps that customers can use as payment instead of cash or credit cards and innovative money transfer options from phone to phone.
Jouahri outlined the two pillars of fintech as developing lower-cost models to reach underserved people and creating conditions for more non-cash payments, particularly between the state and users. Jouahri explained that fintech can help improve financial education and bring about “financial inclusion.”
“Blockchain,” MAP quoted Jouahri as saying, “is by far the most disruptive technology of this decade.”
Alain Pithon, secretary general of the summit’s co-host Paris Europlace, was optimistic about Morocco’s role in using technology. “Morocco has a good card to play on these technologies,” he said.