MOROCCO – CIH Bank, a subsidiary of Caisse de dépôt et de gestion group, has partnered with Mastercard to offer mobile payment solutions.
The partnership brings forth the launch of CIH pay, a mobile extension that enables bank customers to connect a bank account to mobile phones.
Through CIH Pay, more than 1.7 million cardholders can now seamlessly digitize their bank cards to pay for purchases through their smartphones.
The launch of CIH Pay follows the signing of a long-term strategic agreement between CIH Bank and Mastercard in 2021.
“We are delighted to have staged a launch event as exhilarating and innovative as the product we’re launching,” said Lotfi Sekkat, President of CIH Bank.
“CIH Pay is set to modernize mobile payments in Morocco and we’re thrilled to be a part of this exciting phase, along with Mastercard as our technology partner.”
The two companies share a mutual ambition to drive digitization and convenience by bringing innovative digital payment solutions to Morocco.
CIH Bank Mastercard cardholders can take advantage of special offers and discounts at more than 35 merchants.
The launch of CIH pay come at a time when Morocco has the largest population of unbanked citizens, standing at 71%.
The study takes “unbanked” to mean any individual who does not have access to the services of a bank or other similar financial institutions.
By this metric, approximately 26.2 million Moroccans do not currently have access to a bank account.
The platform further expands CIH Bank’s portfolio of payment channels as part of its omnichannel strategy, offering its customers instantaneousness, security, speed, and more choice, thereby enhancing the user experience (UX).
The digital payments solution is valid for all customers holding a Mastercard bank card, and an Android mobile device using NFC (Near Field Communication) technology.
In last year’s Mastercard New Payment Index, nearly three out of four consumers said that digital payment methods help them save money.
While cash still accounts for the vast majority of transactions in the region, GSMA data says the number of mobile money transactions across North Africa increased by 29% in 2020, compared to a growth of 23.8% in 2019.
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