Mastercard, a globally recognised payment processing corporation, and NAPS, a front-runner in the Moroccan FinTech sector, have announced a strategic partnership aimed at developing ground-breaking payment solutions for individuals and businesses.
This alliance reinforces the historically strong relationship between the two entities, setting the stage for further progress in the field of digital payments.
NAPS, fortified by over three decades of experience from M2M Group in the domain of electronic payments and biometric identity, is poised to push the boundaries of digital payments in Morocco. As a partner to Mastercard, NAPS gains valuable access to Mastercard’s extensive network, diverse product and service portfolio, and cutting-edge, secure technologies.
This partnership aligns with NAPS’s long-term strategy, enhancing the company’s innovation capabilities via Mastercard’s advanced technology and optimising the launch time for its forthcoming digital offerings.
Mastercard is committed to supporting a global network of innovators with the objective of constructing a more accessible and sustainable digital economy. As a well-trusted partner to pioneering FinTech companies in all developmental stages, Mastercard aids them in achieving agility and speed.
The collaboration with Mastercard aims to fortify NAPS’s position as a leading FinTech company and foster its intrinsic culture of innovation. It also plans to expedite the development of digital payment solutions in Morocco, bolstering the country’s status as a primary FinTech hub in the Arab world.
Mohamed Benomar, country general manager, MENA West at Mastercard, said, “We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth.”
Hassan Ghellab, CEO of NAPS, said, “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.”
Together, NAPS and Mastercard aim to establish new ecosystems of digital services in Morocco to unleash the full potential of digital payments and offer users an enhanced experience through innovative services, thereby promoting financial inclusion.
According to the CGAP report Fintechs Across the Arab World issued in December 2020, Morocco ranks as the third-largest FinTech hub among the 22 member countries of the Arab League. This growth is driven by factors such as high mobile coverage, a substantial unbanked population, a plentiful talent supply, infrastructure enhancements, and government initiatives advocating digital financial services uptake, combined with enabling regulations.
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