Visa, Morocco’s CMI Hope to Streamline B2B Transactions

Visa has joined forces with digital payments manager Interbank Monetary Center (CMI) to launch a channel to help Moroccan businesses streamline B2B transactions.

The channel, which was announced by the partners in a news release Thursday (Feb. 3), is designed to “improve and secure” cash flow between businesses. The companies say a chief aim of the project is to accelerate the adoption rate of digital payment among Moroccan businesses.

“Through this initiative, which is the first of its kind in Morocco, CMI confirms its commitment to supporting FMCG retailers and key accounts in a secure and innovative way,” said Ismail Bellali, general manager at CMI.

“By equipping merchants with exclusive solutions such as PayByMail or with Android smart terminals, CMI is making a strong contribution to accelerating financial inclusion among small businesses, but also to reducing the circulation of cash,” he said.

Digital payments allow businesses to spend less time managing transactions so they can devote more time for core services and will help ensure a “seamless and secure” experience for businesses, said Visa’s Sami Romdhane.

Romdhane adds that payment solutions can be tailor-made to meet the needs of businesses regardless of their size, paving the way for growth.

Visa and CMI say their partnership is in line with Morocco’s agenda to promote financial inclusivity, as experts say digital payments are a promising solution to helping the unbanked and underbanked populations.

Read more: Underbanked Consumers Seek Digital Alternatives

And that population is shifting all the time, as PYMNTS has argued. In the past, an underbanked person was someone who didn’t have basic deposit or checking accounts housed within a bank or credit union.

However, that definition has evolved to include people who aren’t getting what they need from banks and credit unions. Today’s underbanked consumers can’t navigate their daily financial lives the way they want, especially if their primary accounts are accessed via digital channels.