The two companies signed a MoU to establish the cooperation framework, stating that the collaboration will leverage both companies’ capabilities to accelerate the adoption of secure payment solutions across the continent, tailored to underbanked communities.
The initiative reflects the companies’ shared commitment to support economic development and digital transformation in Africa through inclusive services. Maroc Telecom focuses on innovation and technological synergy, and Visa aims to make digital payments universally accessible. Both companies expect this partnership to drive mobile payment adoption and improve financial inclusion across Maroc Telecom’s operational territories.
MT Cash, Maroc Telecom’s mobile money solution, will integrate Visa’s payment solutions into its digital wallets. This will enable users to make secure electronic payments, money transfers, merchant payments, and more.
The growth in mobile networks and the availability of affordable smartphones are driving an increasing need for mobile payment solutions in Africa. This can improve financial access, especially in rural areas, reduce costs, foster economic inclusion, and reshape the continent’s financial landscape, paving the way toward greater economic stability and prosperity.
Mobile money is one of the most dominant forms of digital payments, alongside card payments and bank transfers, driven by the continent’s high mobile phone penetration. Platforms such as M-Pesa in Kenya and MTN Mobile Money in West African countries allow users to store, send, and receive funds utilising their phones. This offers users a convenient alternative to traditional banking, especially in regions with limited banking infrastructure.
Africa remains the region with the largest and fastest growth in the global mobile money sector, according to The State of the Industry Report on Mobile Money 2024. In 2023, the number of mobile money accounts in Africa reached 856 million, accounting for 49 % of registered accounts worldwide, and 136 million new accounts were opened, representing over 70 % of total global growth.
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