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.”