Visa and Chari announce strategic partnership
Marrakech – Visa Inc. (NYSE: V), a global leader in digital payments, and Chari Morocco, a pioneering local fintech company, today jointly announced a strategic partnership poised to revolutionize financial inclusion and innovation within the Moroccan market over the next seven years. This collaboration underscores a shared commitment to accelerating digital transformation and expanding access to financial services for businesses and consumers throughout the region.
This partnership is built upon several key objectives. it aims to significantly expand Visa's footprint within Morocco's dynamic fintech ecosystem. By leveraging Chari's deep market insights and innovative solutions, both companies will work together to broaden their customer base and unlock new revenue streams, positioning themselves at the forefront of the country's digital financial evolution.
By harnessing Chari's extensive network, the partnership will facilitate wider acceptance of digital payments, thereby enhancing financial inclusion and extending reach to a broader consumer base. This expansion will seamlessly integrate more merchants into the formal financial system, fostering a more inclusive and accessible economic landscape.
The collaboration will drive financial inclusion by transforming cash-based transactions into point-of-sale (POS) transactions through Chari's management of a fleet of nano merchants. Playing a pivotal role in integrating smaller merchants into the formal financial system.
Chari, a leading Moroccan fintech innovator, provides a B2B application that empowers grocery shops nationwide with integrated e-commerce and fintech solutions, streamlining inventory management, payments, and micro-credits. With a Payment Institution license from the Morocco Central Bank secured in 2022, Chari demonstrates its commitment to financial innovation and inclusion. Notably, Chari is an alumnus of the inaugural cohort of the Visa Program Accelerator, announced in Marrakech in June 2023, reinforcing the shared dedication to accelerating digital transformation across Africa.
"Sami Romdhane, Country Manager for Visa in Morocco expressed, 'We are thrilled to embark on this partnership with Chari, an alumni company that shares our vision of advancing financial inclusion and innovation. Together, we will leverage our combined strengths to drive significant growth and positive change within the Moroccan market.'
"Ismael Belkhayat, CEO and co-founder of Chari remarked, 'This collaboration with Visa, a global leader in digital payments, represents a significant milestone for Chari. By joining forces, we will enhance our service offerings and extend our reach to a greater number of merchants, ultimately contributing to the financial inclusion of this important Moroccan community.'
About Visa
Visa is a global leader in digital payments, connecting millions of consumers, businesses, and institutions across more than 200 countries and territories through innovative, secure, and reliable payment solutions.
About Chari
Chari is a leading Moroccan fintech startup providing embedded financial services to retailers. Licensed by the Central Bank of Morocco, Chari offers a full-stack Banking-as-a-Service (BaaS) platform across Francophone Africa.
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