Morocco's second largest telecom operator, Inwi, has launched mobile payment services becoming the first in the country to offer such facilitation to its subscribers.
The new service is called Inwi Money, which will help Morocco achieve its financial inclusion goals notably through reaching its population in isolated areas. In fact, Inwi Money comes less than a year after the central bank gave a green light for mobile payment services in the country.
With it, Inwi users can proceed to make payments and money transfers at any time without having to go to a bank agency. Furthermore, according to Inwi Money's CEO, Nicolas Levi, the service is fully secure.
For users, the money transferred will be received on their mobile phones from both national and international transactions. They can also send money to other users using their phones with the transactions being completed immediately.
Last November, Reuters reported that Morocco expects mobile wallet payments to hit Dh50 billion a year by 2023 in the country as it tries to reduce the amount of cash dominating transactions.