Morocco – More financial services with Fintech

Morocco intends to use the integration of Blockchain-TechnoThe aim is to achieve better access to financial services in the financial sector.

At the Blockchain Summit in Africa in the Moroccan capital Rabat, Abdellatif Jouahri, the country’s central bank governor, declared that Morocco would use financial technology to improve access to financial services, as the Morocco World News reported on 21 November. This implementation of Fintech is part of the country’s financial integration strategy and will be aimed in particular at underserved citizens.

 

Banking services for underserved citizens

Jouahri added that the use of Fintech, including Blockchain technology, would help Morocco “to provide all individuals and businesses with sufficient access to official financial products and services to promote economic and social integration”. Jouahri said:

 

“Blockchain is by far the most groundbreaking technology of the decade.”

In particular, the central bank wants to create cheaper models to provide financial services to underserved citizens and develop favourable conditions for cashless transactions and settlements.

 

Crypto and blockchain development in Morocco

Morocco has recently ventured into the field of decentralized ledger technology. This spring, the country worked with a number of international organisations to implement the world’s first cross-border securities settlement between two central securities depositories using the quartz blockchain.

Last September, reports became public that Morocco, in partnership with the American Bitcoin mining company Soluna, was planning to set up a 36-megawatt crypto-mining farm. This so-called power purchase agreement would enable the company to gain a foothold in the region and to expand its sales across borders in the coming years.