Morocco’s Central Bank Partners with CDG Invest to Boost Fintech Startups
Bank Al-Maghrib (BAM) and CDG Invest, the Investment Branch of the Caisse de Dépôt et de Gestion (CDG) Group, have signed a partnership agreement to promote the development of fintechs in Morocco.
This partnership first focuses on cooperation in the creation and launch of fintechs supported by the 212 Founders Program. This program had been set up in 2019 by CDG Invest with the aim of supporting and financing entrepreneurs with innovative startup projects, a press release issued at the end of the ceremony indicates.
BAM will support CDG Invest and the selected fintechs on the regulatory aspects of the projects under the 212 Founders program. In addition, the central bank will assist CDG Invest on the contractual arrangements between the supported fintechs and the partner banks.
In return, CDG Invest will suggest more technical, strategic and operational support as well as mentoring for entrepreneurs. Information, experiences and best practices related to fintechs will also be exchanged between the two institutions, the same source emphasizes.
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