The African Development Bank Group, through the Africa Digital Financial Inclusion Facility (ADFI), has awarded a grant of USD 510,000 to the Electronic Payments Acceptance Development Fund set up by Bank Al-Maghrib (Morocco's Central Bank).

This funding aims to support the wider development of digital payments and financial inclusion, while contributing to reducing the use of cash in Morocco. This grant complements the financial resources mobilized by Bank Al-Maghrib to set up the fund, which aims to encourage the adoption of electronic payments by merchants, thereby reducing dependence on cash and supporting the transition to a digital economy.

This initiative is part of the Digital Payments Development Strategy, particularly in terms of promoting payments, digitizing transactions, and reducing dependence on cash.

“This agreement will help expand access to financial services for the population and merchants and strengthen the national payment ecosystem, consolidating the foundations for an inclusive and sustainable digital economy.” said Achraf Tarsim, head of the African Development Bank's country office in Morocco.

The Director General of Bank Al-Maghrib, Abderrahim Bouazza, emphasized that "The Acquisition Fund is a structural lever for accelerating the adoption of electronic payments in Morocco. The support of international partners, including the African Development Bank through ADFI, reinforces a national initiative to promote the use of electronic payments for economic and social inclusion."

Since 1978, the African Development Bank Group has mobilized nearly €15 billion to finance more than 150 projects and programs in Morocco, covering strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector.

About the Africa Digital Financial Inclusion Facility (ADFI)

The Africa Digital Financial Inclusion Facility (ADFI), hosted and managed by the African Development Bank, was launched in 2019 to accelerate the growth, adoption, and use of digital financial services for millions of Africans, particularly women. It supports strategic initiatives in three areas: digital financial infrastructure, policy and regulation, and products and innovation, with gender inclusion and capacity building as cross-cutting priorities.

ADFI's current partners are the French Development Agency (AFD); the Gates Foundation; Ministry of Finance, Luxembourg; Ministry of Economy, Finance, Industrial, Energy, and Digital Sovereignty, France; Ministry of Finance, India; and the African Development Bank, which also hosts the fund.

Source : AfDB