Rabat – Bank Al-Maghrib has authorized Damane Cash, a subsidiary of the BMCE Bank of Africa group specializing in money transfer, to open payment accounts and offer mobile payment services backed by these accounts.
Founded in 2008, Damane Cash joined the BMCE Bank of Africa Group in December 2014. The BMCE subsidiary allows its customers to transfer national money, receive money orders from abroad, exchange funds, and pay invoices and taxes.
As part of Bank Al-Maghrib’s mobile payment system, Damane Cash is set to target unbanked customers in remote regions of Morocco.
A 2018 study by the Kantar branch of the TNS Global research agency found that only 37% of the Moroccan population have access to banking services. Only 24% of rural Moroccans hold a bank account, compared to 45% of those living in urban areas.
According to the study, the regions in which Moroccans are more likely to have a bank account include Casablanca-Settat, Rabat-Sale-Kenitra, and Marrakech-Safi.
Across the country, 54% of men hold a bank account compared to only 25% of women.
Damane Cash customers and all Moroccans with smartphones will soon be able to access a wide range of mobile and financial services.
