Visa and Al Barid Bank sign a Memorandum of Understanding to promote financial inclusion of SMEs and traditional businesses in Morocco
Casablanca, May 10, 2023 - Visa and Al Barid Bank have signed a Memorandum of Understanding (MoU) to promote the financial inclusion of small and medium-sized enterprises (SMEs) and traditional businesses in Morocco. The global leader in electronic payments and Al Barid Bank will work in tandem to facilitate the digital transformation of Moroccan SMEs and preserve the national cultural heritage.
Specifically, the two entities will launch a Moroccan version of Practical Business Skills, which is Visa’s global digital platform delivering free education resources to help Micro & Small and Medium business (MSMB) owners and entrepreneurs make confident, informed decisions to grow their businesses. This initiative is a way to strengthen the productive capacity of SMEs while stimulating sustainable economic growth in Morocco.
Leila Serhan, Group Country Manager for North Africa, Levant and Pakistan (NALP) and Senior Vice President at Visa, expressed her excitement by saying, " Visa's core purpose is to uplift everyone, everywhere by being the best way to pay and be paid. To achieve this, Visa is focused on supporting the country's efforts to expedite financial inclusion across all segments.” She added: “We are delighted to collaborate with Al Barid Bank to help upskill small businesses owners and artisans in Morocco by providing them with innovative digital tools to grow. This partnership will improve the productivity of SMEs and promote sustainable economic growth in Morocco”
For his part, Al-Amine Nejjar, CEO of Al Barid Bank, emphasized the importance of this agreement for the bank, which is fully committed to financial inclusion: "As a bank committed to financial inclusion, we are pleased to work with Visa to offer innovative solutions that meet the needs of SMEs and traditional businesses in Morocco. This agreement will reinforce our commitment to promoting inclusive economic development throughout Morocco.
The two partners have already organized workshops for artisans in Casablanca, Marrakech, Safi and Fez during Global Money Week. And plan to extend these workshops to other participants in different cities. Workshops for young entrepreneurs and women cooperatives will also be organized to raise awareness about digital payments, e-commerce and sustainable growth.
To achieve the objectives of the MoU, Visa and Al Barid Bank will implement a joint action plan and work closely together to localize the content of Practical Business Skills. This collaboration between Visa and Al Barid Bank is an important step in promoting financial inclusion in Morocco.