Mastercard (NYSE: MA) and NAPS, a Moroccan fintech company, have announced a collaboration to develop various payment solutions for individuals as well as business organizations.
The new partnership aims to consolidate the solid historical relationship between the two entities.
NAPS says it is on a mission to further expand the horizons of virtual payments in Morocco.
As noted in the update, NAPS explains that it benefits from the 30+ years of expertise of M2M Group. specifically in software for digital payments and biometric identity.
As Mastercard’s business partner, NAPS claims that benefits from access to its vast network, expertise and extensive portfolio of products, supported by innovative and secure technologies.
In line or consistent with NAPS’s long-term growth strategy, the partnership should help with enhancing the firm’s innovation capabilities via Mastercard’s tech and improve time to market for its all-digital offerings.
Mohamed Benomar, Country General Manager, MENA West, Mastercard, stated:
“At Mastercard, we are committed to supporting a global network of innovators with the aim of building a more accessible and sustainable digital economy. We serve as a trusted partner of pioneering fintech companies across all stages of development, helping them achieve agility and speed. We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth.”
Hassan Ghellab, CEO, NAPS, remarked:
“The partnership with Mastercard will reinforce our position as a market-leading fintech company and support the culture of innovation that is at the core of everything we do. By accelerating the development of digital payment solutions in Morocco, it will also contribute to cementing the country’s status as a premier fintech hub in the Arab world.”
NAPS and Mastercard are focused on developing new ecosystems of all-digital services in Morocco in order to tap the real potential of virtual payments and offer consumers with an improved experience via innovative services in order to accelerate financial inclusion efforts.
These all-digital ecosystems should allow for the development of key applications and explore new service opportunities, thus helping with contributing to innovation and the digital transformation of the industry.
The CGAP report Fintechs Across the Arab World, released in December 2020, identified Morocco as one of the largest Fintech hubs among the 22 member countries of the Arab League.
According to the update, relatively high mobile coverage, a fairly large unbanked population, an adequate supply of talent, infrastructure updates as well as government initiatives supporting the uptake of all-digital financial services, along with promoting progressive regulations, are among the primary drivers of ongoing growth in this market segment.