The application aims to facilitate money transfer in Morocco and push the country further towards its digital transformation objectives.
Rabat – Moroccan telecommunications company Maroc Telecom (IAM) launched today, June 1, its first mobile money transfer application, “MT Cash,” available for download to all Moroccan citizens and residents.
The application offers several financial services, similar to the services provided by bank applications, and allows users to benefit from them “in all security and simplicity” through their mobile phones, IAM said in a press release.
By downloading the application, clients can pay for their purchases and bills, top-up their mobile credit, and transfer money anywhere in Morocco without having to travel anywhere, the statement added.
Users can add credit to their MT Cash account through accredited agencies across the country. They can also withdraw money from their account from the same agencies, IAM continued.
“The solution is rich in functionalities and easy to use,” the press release said, explaining that the application is available for all users, and not only IAM clients.
Users need only to download the application and create an MT Cash account before benefiting from the offered services, IAM added.
In celebration of the application’s launch, MT Cash offers free-of-charge money transfer and withdrawal services until July 31, the press release concluded.
IAM is not the only Moroccan company hoping to benefit from the COVID-19-induced changes to venture into mobile money transfer services.
In February, IAM’s direct competitor Orange Maroc launched a similar application, titled “Orange Money.” The application offers similar services to the ones MT Cash provides.
On May 20, Orange Money launched a service for international money transfer, allowing the application’s users to receive money from France via their mobile phones.
“By setting up international [money] transfer, we hope to offer our clients an alternative to the traditional ways of receiving money from across borders,” said Orange Maroc’s General Manager Yves Gauthier following the launch of the service.
To launch the new service, Orange Maroc made use of its international network of Orange subsidiaries.
The third-most popular telecommunication company in Morocco, Inwi, has also had a money transfer service, “Inwi Money,” since 2019.
However, unlike IAM’s new service, Orange Money and Inwi Money are only available for the mobile operators’ respective clients.
While the new services are part of Morocco’s vision for digital transformation, it remains to be seen whether Moroccans will easily adopt this technology and implement it in their daily lives.