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Rabat – EdfaPay, a Saudi Arabia-based fintech company, announced on Monday expanding its operations to Morocco after securing the necessary regulatory approval.
Established in 2021, EdfaPay specializes in creating digital payment solutions. Its service offerings include Soft POS, and Payment Gateway – a platform that acts as an intermediary in electronic financial transactions -, which would be available to merchants and customers across Morocco.
Commenting on the news, CEO of EdfaPay, Ghormallah Al-Ghamdi said that the expansion to Morocco marks “a pivotal moment” for the company as it continues to grow its footprint and take its solutions to new markets.
“We are committed to providing Moroccan businesses and consumers with the highest standards of financial technology, enhancing their transaction experience and contributing to the local economy” Al-Ghamdi continued.
The company’s global presence currently spans Saudi Arabia, Pakistan, Latam Markets, and Tunisia.
As of July 2022, Morocco was home to 20 fintech startups, benefiting from a regulatory environment conducive to fintech innovation.
Morocco has no unicorn startups – startups that have raised over $1 billion in funding before going public on a stock exchange.
A 2022 report from Fintech Times argued that despite its relatively small size, Morocco’s fintech sector is growing and proving to be a “dynamic market” with significant growth potential.
“Despite its small size, the country contains two of the largest banks in Africa, Groupe Banque Populaire (BP) and Attijariwafa,” the report noted, adding that these banks are significant drivers of innovation within the fintech sector since more conventional financial institutions are now turning to fintech solutions to remain competitive.
Another key driver for the country’s Fintech industry is its regulatory landscape, which does not include any prohibitions against specific fintech businesses. Funding institutions look at companies on a case-by-case basis.
Read Also: Morocco’s Fintech Landscape Is ‘Dynamic’ Despite Being Small
