The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

The World Bank approved financing of $450 million for advancing financial and digital inclusion to continue supporting the government in implementing reforms to improve financial inclusion, digital entrepreneurship and more in Morocco.

The agreement was concluded as part of the Regional Investments initiative launched by BCP to assist innovative Moroccan solutions.

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The partnership will see the launch of two unique card products designed to meet the growing needs of businesses and underbanked individuals, supported by a feature-rich digital app powered by Mastercard’s secure, contactless payment technology.

The financing is part of a program that supports policy measures to enable the rollout of the country’s social protection program, including the creation of digital IDs and cashless payments as part of cash transfer programs.

Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout.

The announcement came on International Women’s Day, a worldwide celebration of womanhood and femininity and a focal point in the global movement for women’s rights.

This is a continuation of the EIB's action carried out for several years in favor of microfinance in Morocco and is part of the bank's response aimed at supporting  micro-entrepreneurs, in the context of the COVID-19 crisis.

Morocco’s Foreign Exchange Office has announced that remittances from the Moroccan diaspora continue despite the COVID-19 pandemic.