Global Economy
African Development Bank Grants $510,000 to Boost Morocco’s Electronic Payment Ecosystem
The African Development Bank (AfDB), through its Digital Financial Inclusion Fund for Africa (ADFI), has pledged a $510,000 grant to the Bank Al‑Maghrib’s Electronic Payments Acceptance Development Fund. The money will accelerate the rollout of digital payment solutions, promote financial inclusion and help reduce cash usage across Morocco. The grant complements the central bank’s own resources and aligns with the national strategy to digitise transactions and build a sustainable, inclusive digital economy.
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AfDB’s $510,000 grant to accelerate Morocco’s digital payments
The African Development Bank (AfDB) has approved a grant of US$510,000 for the Electronic Payments Acceptance Development Fund created by Bank Al‑Maghrib, Morocco’s central bank. The financing, channelled through the AfDB’s Digital Financial Inclusion Fund for Africa (ADFI), is earmarked to scale up electronic payment solutions, broaden financial inclusion and curb the country’s reliance on cash.
This contribution is designed to supplement the resources already mobilised by Bank Al‑Maghrib for the same fund. Together, they aim to encourage merchants to adopt electronic payment methods, thereby fostering a smoother transition toward a fully digital economy.
The initiative aligns with Morocco’s National Digital Payments Strategy, which focuses on three pillars: promotion of electronic payments, digitalisation of transactions, and reduction of cash dependence.
Key statements:
- Achraf Tarsim, AfDB country office head for Morocco, said: “This grant will widen access to financial services for both citizens and businesses, strengthening the national payments ecosystem and laying the groundwork for an inclusive, sustainable digital economy.”
- Abderrahim Bouazza, Governor of Bank Al‑Maghrib, added: “The acquisition fund is a structural lever to speed up electronic payment adoption. Support from international partners such as the AfDB, through ADFI, reinforces our national agenda to use electronic payments as a driver of economic and social inclusion.”
Since its inception in 1978, the AfDB has mobilised nearly €15 billion for more than 150 projects in Morocco, spanning transport, social protection, water & sanitation, energy, agriculture, governance and the financial sector.
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