Mastercard collaborates with NAPS to promote innovation in Morocco's digital payments landscape

Mastercard and NAPS, a major Moroccan fintech firm, have begun working together to create new payment solutions for individuals and businesses. The collaboration cements the two companies' long-standing connection.

NAPS is on a quest to broaden the scope of digital payment options in Morocco. NAPS benefits from M2M Group's 30+ years of experience in software for electronic payments and biometric identity. NAPS benefits from Mastercard's large network, knowledge, and diverse portfolio of goods and services powered by innovative and secure technology as a partner.

In line with NAPS’s long-term strategy, the collaboration will boost the company’s innovation capabilities through Mastercard’s advanced technology and optimize time to market for its upcoming 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 aim to create new ecosystems of digital services in Morocco to unlock the full potential of digital payments and provide users with an enhanced experience through innovative services in order 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.

The CGAP report Fintechs Across the Arab World (https://apo-opa.info/45GTTGZ), issued in December 2020, highlighted Morocco as the third-largest fintech hub among the 22 member countries of the Arab League. High mobile coverage, a large unbanked population, an abundant supply of talent, infrastructure upgrades and government initiatives encouraging the uptake of digital financial services, coupled with enabling regulations, are among the key drivers of growth in this space.