Morocco’s second largest telecom operator, Inwi, launched mobile payment services becoming the first in Morocco to offer such facilitation to its subscribers.
Dubbed Inwi Money, the new service would help Morocco achieve its financial inclusion goals notably through reaching population in isolated areas.
Inwi Money comes less than a year after the Central Bank gave green light for mobile payment services.
With this new service, Inwi users can proceed to payments and money transfers at anytime without having to go to a bank agency.
Inwi money is fully secure said Inwi’s CEO Nicolas Levi in a statement.
The service enables users to receive on their phones money transferred nationally and internationally. They can also send money to other users using their phones. Transactions are completed immediately.
Last November, Reuters reported that Morocco expects mobile wallet payments to hit 50 billion dirhams ($5.3 billion) a year by 2023 as Morocco tries to reduce the amount of cash dominating transactions in the country.