Morocco is planning to boost its financial sector in the country through the deployment of blockchain technology. The Governor of the Central Bank of Morocco, Abdellatif Jouahri, announced during the Africa Blockchain Summit in Rabat that the country is in the process of applying technology to improve financial services. The implementation of this fintech project targets the underserved Moroccans as part of Morocco’s financial inclusion policy.
The blockchain tech, being the most influential tech currently, will help reach the underprivileged citizens in the financing sector. According to Jouahri, the adoption of fintech, including the blockchain tech will help the country offer “all businesses and individuals equal access to financial services and products in a bid to endorse social and economic inclusion,” says Jouahri.
The country’s central bank is already building low-cost business models that will see underserved Moroccans get access to financial services under friendly conditions for cashless transactions.
Recently, Morocco has been making strides in blockchain and cryptocurrency development. The country is also interested in decentralized ledger tech and has been making trials in the space. Morocco has partnered with international companies to use Quartz blockchain to make one-of-a-kind securities settlement between different central depositories. This project will be the first cross-border settlement in the world.
It was reported in September 2019 that Morocco had partnered with Soluna, an American bitcoin mining firm, to develop a 36-Megawatt cryptocurrency mining company. The investment project was a power purchasing agreement that would help the company establish itself in the region and expand its sales offshores in the next couple of years.