Mastercard and Morocco’s fintech firm NAPS have partnered to develop innovative payment solutions for individuals and businesses.
Mastercard’s Country General Manager Mohamed Benomar and NAPS Chief Executive Hassan Ghellab signed the agreement on Friday.
The two organizations joined forces to cooperate in reciprocal areas to expand the horizons of digital payments in Morocco.
Moreover, the collaboration seeks to tap Mastercard’s extensive network, expertise and wide-ranging portfolio of products and services.
The deal is in line with NAPS’s long-term strategy to boost the company’s innovation capabilities through Mastercard’s advanced technology and optimize time to market for its upcoming digital offerings.
Mohamed Benomar, Mastercard’s GM, MENA West, assured the firm’s commitment in supporting a global network of innovators to build a more accessible and sustainable digital economy.
“We serve as a trusted partner of pioneering fintech companies across all stages of development, helping them achieve agility and speed.
We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth,” said Benomar.
In offering his comment, Hassan Ghellab, CEO, NAPS said the partnership positions them as a market-leading fintech company and supports the culture of innovation across Morocco.
“By accelerating the development of digital payment solutions in Morocco, it will also contribute to cementing the country’s status as a premier fintech hub in the Arab world,” said Hassan.
In addition, the deal will establish a framework to create new ecosystems of digital services in Morocco to unlock the full potential of digital payments.
Also, it will provide users with an enhanced experience through innovative services to promote financial inclusion.
These digital ecosystems will enable the development of high-value applications and explore new service opportunities, contributing to innovation and the digital transformation of the sector.
Mastersard’s mission, a global technology firm in the payments industry, is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
NAPS is a payment institution with Bank-Al-Maghrib and is the Moroccan leader in secure electronic payment services.
In addition, The company innovates daily to make electronic payment methods accessible everywhere for everyone.