Financial Inclusion: Attijariwafa Bank and Crédit Agricole du Maroc Sign a Memorandum of Understanding
On Monday, December 12, the Attijariwafa Bank Group and Crédit Agricole du Maroc Group signed a memorandum of understanding aimed at strengthening collaboration between their respective subsidiaries, namely Wafacash and Al Filahi Cash.
Through this agreement, Al Filahi Cash and Wafacash are joining forces to work on national initiatives, the marketing of transfer and payment services, intermediation in loan services, and any other business opportunities, according to a joint press release from the two subsidiaries.
The Al Filahi Cash network, which primarily targets rural and peri-urban clients in densely populated areas with limited access to proximity financial services, will complement the Wafacash network to ensure broader customer outreach.
By signing this agreement, the two institutions — represented respectively by Chairman and CEO Mohamed El Kettani and Noureddine Boutayeb, Chairman of the Management Board — will be able to begin collaboration across different sectors, in compliance with current regulations. They will also be able to better pool their efforts to develop money transfer and payment services targeting both rural and urban populations.
“Through this agreement, Al Filahi Cash — which stems from a parent company actively contributing to various public service missions — intends to leverage all its human and operational resources in support of national initiatives aligned with the national financial inclusion strategy. This strategy aims to reduce inequalities and facilitate access to financial services and products for underprivileged populations,” said Abdelmounaim Dinia, Chairman of Al Filahi Cash.
For his part, Abdesslam Bouirig, CEO of Wafacash, stated: “By signing this agreement, Wafacash is fully aligning with the strategic directions set by the Moroccan government to promote financial inclusion, by actively contributing to bringing services and assistance closer to beneficiaries.”
Wafacash chooses Kawarizmi to attract African diasporas in Europe
(KAWARIZMI) - The French startup specializing in digital and programmatic advertising is supporting the Moroccan leader in money transfers to help it reach the right targets in Europe.
Kawarizmi is rolling out a large-scale communication campaign across digital and media networks to help Wafacash launch in Europe. Wafacash, a subsidiary of the Attijariwafa Bank group, benefits from Kawarizmi’s exclusive data, which provides access to African diasporas from five African countries (Morocco, Senegal, Mali, Cameroon, and Ivory Coast) in France, Belgium, Spain, Italy, and the Netherlands.
Specialized in offline and online media buying in programmatic advertising, Kawarizmi connects brands to their audiences in Africa, the Middle East, and Europe. As a result, the trading desk is one of the few in France to specialize in African and Middle Eastern diasporas living in Europe. “The consumption of content related to their countries of origin, as well as the consideration of sociogeographic data, allows us to identify these audiences and integrate them into activatable segments in display, video, native, audio, DOOH, and TV,” explains Salif Diop, co-founder of Kawarizmi.
Alternating between contextual, semantic, and data targeting, the system implemented for Wafacash is already generating business results while focusing on building brand awareness for this new product. “We are already seeing hundreds of app downloads per day, thanks to several tens of millions of touchpoints generated at the start of the campaign,” specifies Salif Diop. The campaign’s touchpoints are continuously feeding and improving Kawarizmi’s algorithms in preparation for the next phase, which will focus even more on performance. The goal for Kawarizmi is to reach thousands of daily downloads by Ramadan.
“We are thrilled to be supported by a startup for Wafacash’s launch in Europe. We needed a smart, professional, connected, and flexible team. Kawarizmi is the perfect partner to ensure a successful launch campaign. This is a great adventure that is starting beyond Morocco’s borders, serving the African diaspora in Europe,” says Hihi Guillouli Kenza, External Communication and PR Manager at Wafacash.
Launched in October, the campaign will run on digital media until the end of 2022.
About Kawarizmi
Kawarizmi is a French startup specialized in digital advertising and programmatic media buying. We connect brands to their audiences spread across Africa, the Middle East, and Europe. We provide advertisers with a single access point to complementary offline and online solutions that address the specific challenges of their respective regions. Learn more at www.kawarizmi.com.
About Wafacash
A subsidiary of the Attijariwafa Bank Group, Wafacash is a financial services company established in 1991. Over its 30 years of existence, it has gained maturity and a leadership position in various high-value-added services with a positive impact. Strongly committed to financial inclusion, Wafacash offers three distinct services: financialization, banking services, and basic financial services. Additionally, Wafacash has positioned itself as a major player in financial education through its strong presence in more than 460 locations across Morocco and its use of alternative channels and awareness campaigns through its annual caravans.
Financial Inclusion: Wafacash and Al Filahi Cash Join Forces to Strengthen Their Territorial Coverage
To ensure better customer outreach in rural areas, the Attijariwafa Bank group and Crédit Agricole du Maroc have decided to join forces to strengthen cooperation between their subsidiaries, Al Filahi Cash and Wafacash.
Mohamed El Kettani, CEO of Attijariwafa Bank Group, and Noureddine Boutayeb, Chairman of the Management Board of Crédit Agricole du Maroc, signed a memorandum of understanding on Monday, December 12, aimed at strengthening the strategic collaboration framework between their subsidiaries, Wafacash and Al Filahi Cash.
With this agreement, Al Filahi Cash and Wafacash are partnering to work on national initiatives, the commercialization of money transfer and payment services, intermediation in loan services, and any other business opportunities.
The Al Filahi Cash network, which primarily targets rural and peri-urban customers in areas with high population density and low proximity service coverage, thus complements the Wafacash network to ensure a stronger presence for their clients, according to a joint statement from both banking groups.
This territorial coverage, which helps reduce disparities, is fully aligned with the national financial inclusion strategy aimed at facilitating access to financial services and products for disadvantaged populations.
Attijariwafa Bank and Crédit Agricole du Maroc, both leaders in their respective sectors and key players in financial inclusion, are thus combining their strengths through their respective subsidiaries and leveraging their expertise, skills, and technical resources. This collaboration will help them achieve their strategic and operational objectives for development, expansion, and proximity, as stated in the joint communiqué.
“With the signing of this agreement, Al Filahi Cash, whose parent company actively participates in various public service missions, intends to mobilize all its human and operational resources to contribute to national projects aligned with the national financial inclusion strategy. This strategy aims to reduce disparities and facilitate access to financial services and products for disadvantaged populations,” stated Abdelmounaim Dinia, President of Al Filahi Cash, on this occasion.
By signing this agreement, these two payment institutions will be able to collaborate in various sectors according to existing regulations and will also be able to better pool their efforts to develop money transfer and payment services targeting both rural and urban areas.
For Abdesslam Bouirig, General Manager of Wafacash, “By signing this agreement, Wafacash fully aligns with the strategic orientations set by the Moroccan government to promote financial inclusion, actively contributing to bringing services and aid closer to beneficiaries.”