AfDB Supports Morocco’s Push for Digital Payments with $510,000 Grant
The African Development Bank Group has signed a grant agreement with Bank Al-Maghrib, Morocco’s central bank, to strengthen electronic payments and advance financial inclusion across the country.
Through its Africa Digital Financial Inclusion Facility (ADFI), the Bank has awarded a grant of US$510,000 to the Electronic Payments Acceptance Development Fund established by Bank Al-Maghrib. The funding will support efforts to expand digital payment infrastructure, encourage merchants to adopt electronic payment systems, and reduce Morocco’s reliance on cash.
The initiative complements resources already mobilised by Bank Al-Maghrib and forms part of the country’s broader Digital Payments Development Strategy, which focuses on digitising transactions and promoting a more inclusive digital economy.
Speaking at the signing, Achraf Tarsim, African Development Bank Group Country Manager for Morocco, said the agreement would help broaden access to financial services. “This initiative will strengthen the national payment ecosystem and lay the foundations for an inclusive and sustainable digital economy that benefits both households and businesses,” he said.
Abderrahim Bouazza, Managing Director of Bank Al-Maghrib, described the Electronic Payments Acceptance Development Fund as a key driver of change. “The fund is a structural lever for accelerating the adoption of electronic payments in Morocco. Support from international partners such as the African Development Bank reinforces national efforts to promote economic and social inclusion through digital finance,” he said.
The African Development Bank Group has been a long-standing development partner for Morocco. Since 1978, it has mobilised nearly €15 billion to finance more than 150 projects across sectors including transport, water and sanitation, energy, agriculture, social protection, governance and financial services.
The grant also reflects the growing role of the Africa Digital Financial Inclusion Facility, launched in 2019 to accelerate access to digital financial services across the continent, particularly for women. ADFI supports initiatives in digital financial infrastructure, policy and regulation, and innovation, with gender inclusion and capacity building as cross-cutting priorities.
