On Monday, December 12, the Attijariwafa Bank Group and Crédit Agricole du Maroc Group signed a memorandum of understanding aimed at strengthening collaboration between their respective subsidiaries, namely Wafacash and Al Filahi Cash.

Through this agreement, Al Filahi Cash and Wafacash are joining forces to work on national initiatives, the marketing of transfer and payment services, intermediation in loan services, and any other business opportunities, according to a joint press release from the two subsidiaries.

The Al Filahi Cash network, which primarily targets rural and peri-urban clients in densely populated areas with limited access to proximity financial services, will complement the Wafacash network to ensure broader customer outreach.

By signing this agreement, the two institutions — represented respectively by Chairman and CEO Mohamed El Kettani and Noureddine Boutayeb, Chairman of the Management Board — will be able to begin collaboration across different sectors, in compliance with current regulations. They will also be able to better pool their efforts to develop money transfer and payment services targeting both rural and urban populations.

“Through this agreement, Al Filahi Cash — which stems from a parent company actively contributing to various public service missions — intends to leverage all its human and operational resources in support of national initiatives aligned with the national financial inclusion strategy. This strategy aims to reduce inequalities and facilitate access to financial services and products for underprivileged populations,” said Abdelmounaim Dinia, Chairman of Al Filahi Cash.

For his part, Abdesslam Bouirig, CEO of Wafacash, stated: “By signing this agreement, Wafacash is fully aligning with the strategic directions set by the Moroccan government to promote financial inclusion, by actively contributing to bringing services and assistance closer to beneficiaries.”

Source: https://telquel.ma/instant-t/2022/12/14/inclusion-financiere-attijariwafa-bank-et-le-credit-agricole-du-maroc-signent-un-memorandum-dentente_1794956/