| CASABLANCA, Morocco - Mastercard and NAPS, a leading Moroccan fintech company, have initiated a collaboration to develop innovative payment solutions for individuals and businesses. The partnership consolidates the strong historical relationship between the two entities.
NAPS is on a mission to expand the horizons of digital payments in Morocco. NAPS benefits from the 30+ years of expertise of M2M Group in software for electronic payments and biometric identity. As Mastercard's partner, NAPS benefits from access to its extensive network, expertise and wide-ranging portfolio of products and services, powered by innovative and secure technologies.
In line with NAPS's long-term strategy, the collaboration will boost the company's innovation capabilities through Mastercard's advanced technology and optimize time to market for its upcoming digital offerings.
“At Mastercard, we are committed to supporting a global network of innovators with the aim of building a more accessible and sustainable digital economy. We serve as a trusted partner of pioneering fintech companies across all stages of development, helping them achieve agility and speed. We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth,” said Mohamed Benomar, Country General Manager, MENA West, Mastercard.
“The partnership with Mastercard will reinforce our position as a market-leading fintech company and support the culture of innovation that is at the core of everything we do. By accelerating the development of digital payment solutions in Morocco, it will also contribute to cementing the country's status as a premier fintech hub in the Arab world,” said Hassan Ghellab, CEO, NAPS.
NAPS and Mastercard aim to create new ecosystems of digital services in Morocco to unlock the full potential of digital payments and provide users with an enhanced experience through innovative services in order to promote financial inclusion. These digital ecosystems will enable the development of high-value applications and explore new service opportunities, contributing to innovation and the digital transformation of the sector.
The CGAP report Fintechs Across the Arab World, issued in December 2020, highlighted Morocco as the third-largest fintech hub among the 22 member countries of the Arab League. High mobile coverage, a large unbanked population, an abundant supply of talent, infrastructure upgrades and government initiatives encouraging the uptake of digital financial services, coupled with enabling regulations, are among the key drivers of growth in this space.
Distributed by APO Group on behalf of Mastercard.
About Mastercard (NYSE: MA):
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
NAPS is a licensed payment institution with Bank-Al-Maghrib and is the Moroccan leader in secure electronic payment services. NAPS innovates daily to make electronic payment methods accessible everywhere for everyone. For individuals, merchants, professionals or businesses, NAPS provides the latest technologies for an innovative and completely secure payment experience. With its innovative POS and e-commerce acquisition services for merchants and its payment card offering for individuals and businesses, NAPS addresses the needs of all users and works to generalize the digitization of services and payments in all sectors and across all aspects of daily life. NAPS is a subsidiary of M2M Group.