Bank Al-Maghrib, the Moroccan central bank, announced on February 10, 2022 in Rabat, a partnership agreement withCDG Invest, Investment Branch of the Caisse de Dépôt et de Gestion (CDG) Group. Objective, to promote the development of fintechs in the country.
This partnership, indicates the issuing institute in a press release, primarily concerns cooperation in the creation and launch of fintechs supported by the 212 Founders Program. A program set up in 2019 by CDG Invest to support and finance entrepreneurs with projects to create innovative start-ups.
“Bank Al-Maghrib will support CDG Invest and the selected fintechs on the regulatory aspects of projects under the 212 Founders program. In addition, Bank Al-Maghrib will assist CDG Invest on the contractual arrangements between the supported fintechs and the partner banks. For its part, through 212 Founders, CDG Invest will offer entrepreneurs technical, strategic and operational support as well as mentoring to help them design and deploy a first version of their product and validate its use in the field. CDG Invest will invest financially in supported startups, carriers of fintech projects”, details the press release.
The agreement also provides for the two institutions to coordinate their initiatives relating to the development of the fintech ecosystem. The agreement also covers the exchange of information, experience and best practices in this area.