Morocco's Inwi launches mobile payments

The new service is called Inwi Money.
Ghassane El Machrafi, the chairman of Inwi Money
Ghassane El Machrafi, the chairman of Inwi Money

Share

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.

Editor's Choice

Bahrain tops London and Silicon Valley for percentage of female startup founders - new report
Said to be among top 10 startup ecosystems with the largest share of female founders.
From the mag: Inside O2O2’s quest for fresher air with fashionable face masks
O2O2 isn’t just a face mask that’s been hitting the runways at Fashion Weeks worldwide. It’s also tackling the problem of polluted air at its source. Is there anything apps and mobile networks can’t do?

Most popular

Don't Miss a Story