This is excellent news for Moroccan entrepreneurs. Bank Al-Maghrib and CDG Invest, the Caisse de Dépôt et de Gestion (CDG) group’s investment department, have just inked a partnership agreement aimed at fostering the growth of fintech startups in Morocco.
First and foremost, the agreement covers collaboration in the development and launch of fintechs funded by the 212 Founders Program. CDG Invest established this initiative in 2019 to support and finance entrepreneurs working on innovative startup projects.
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In particular, Bank Al-Maghrib will assist CDG Invest and the selected fintechs with the regulatory aspects of the 212 Founders program projects. The Central Bank will also assist CDG Invest in negotiating contracts between the sponsored fintechs and the participating institutions.
CDG Invest, for its part, will provide entrepreneurs with technical, strategic, and operational support, as well as mentorship, through 212 Founders, in order to help them build and execute a first version of their product and validate its use in the field.
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Similarly, CDG Invest will make a financial investment in fintech startups that have been promoted. The agreement also calls for the two institutions to coordinate their efforts related to the growth of the fintech ecosystem, as well as the sharing of knowledge, expertise, and best practices in this area.
fintech Morocco fintech Morocco
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer