Mastercard Joins Forces with NAPS to Foster Innovation in Morocco’s Digital Payments Sphere
Mastercard and NAPS, a leading Moroccan fintech company, have joined forces to drive forward the development of cutting-edge payment solutions for both individuals and businesses. This strategic partnership builds upon their established relationship, leveraging NAPS’ mission to revolutionize digital payments in Morocco and capitalizing on M2M Group’s three decades of expertise in electronic payments and biometric identity software.
As an esteemed partner of Mastercard, NAPS gains access to an extensive network, industry-leading knowledge, and a diverse range of products and services underpinned by innovative and highly secure technologies. This collaboration aligns with NAPS’ long-term strategy, empowering the company to enhance its innovation capabilities through the advanced technology offered by Mastercard and streamline the time-to-market for its forthcoming digital offerings.
“At Mastercard, we are committed to supporting a global network of innovators with the aim of building 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 Mohamed Benomar, Country General Manager, MENA West, Mastercard.
“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. 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 Ghellab, CEO, NAPS.
NAPS and Mastercard have joined forces to establish innovative digital ecosystems in Morocco, with the goal of unleashing the full potential of digital payments and offering users an improved experience through cutting-edge services. These ecosystems will facilitate the creation of valuable applications and explore new service opportunities, fostering innovation and driving the digital transformation of the financial sector.
According to the CGAP report titled “Fintechs Across the Arab World,” released in December 2020, Morocco was recognized as the third-largest fintech hub among the 22 member countries of the Arab League. The country’s growth in this field can be attributed to factors such as widespread mobile coverage, a significant unbanked population, a rich pool of talent, infrastructure advancements, government initiatives promoting digital financial services adoption, and favorable regulatory frameworks.
