Telecom operators in Morocco have recently increased their focus on financial inclusion in the Kingdom. Over the past two years, telcos have been launching and revamping their mobile financial services offerings; a trend that has been accelerated by the Covid-19 pandemic.
The most recent mobile money services launch comes from telco Maroc Telecom, in June 2020. The operator launched a new mobile money application, MT Cash, allowing users to perform bill payments, mobile top-ups, funds transfers, and money withdrawals. The application was launched ten years after the telco released its original mobile money service called MobiCash.
Telco Orange Morocco launched its mobile money service, Orange Money, in March 2020, having received approval from the ‘Bank Al Maghrib’ in summer 2019. The service enables users to make mobile payments and transfer money via smartphones.
Inwi launched its mobile payment subsidiary, Inwi Money, in June 2019. Inwi Money allows users to make bill payments, mobile top-ups, funds transfers, and money withdrawals. Since launch, Inwi has expanded its mobile financial services with international money transfers in September 2020.
Such market dynamics are expected to increase competition and facilitate the uptake of mobile financial services in the market. The uptake will be further supported by the relatively high mobile subscriptions penetration of the population in Morocco.