The Moroccan Capital Market Authority (AMMC) has announced the launch of a “fintech portal” to help companies in this sector grow and to stimulate the development of innovative technologies in the kingdom.
According to Morocco’s capital market regulatory authority, the purpose of placing this portal online is to foster “exchanges” between fintech project leaders and to allow them to inquire about the “legal framework applicable to their companies.”
According to the institution, “this instrument was created to enhance conversation between the Moroccan Capital Market Authority and enterprises working in the innovative financial technology sector.”
By launching this portal, the AMMC demonstrates its commitment to put fintech at the centre of its 2021–2023 strategic plan, with the goal of encouraging the development of innovative technologies that contribute to the transformation of the Moroccan financial industry. Long before that, in early February, the Central Bank of Morocco announced a collaboration with CDG Invest, the investment arm of the Caisse de Dépôt et de Gestion (CDG) company, to encourage the development of fintech in Morocco.
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As part of this arrangement, the Central Bank has agreed to assist financial services companies with regulatory issues and contract terms with banks. CDG Invest has offered fintechs mentoring, technical, financial, and operational assistance.
Financial services technology companies do not yet have a significant presence in Morocco’s startup ecosystem. The Moroccan media fnh.ma estimated in a July 2022 story that one of the final fundraisers carried out by a Moroccan fintech occurred in July 2021. YallaXash is the company that received 6 million dirhams from Morocco Digital Fund.
Fintech Morocco capital market Fintech Morocco capital market
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh