DAMANE CASH, A SUBSIDIARY OF BANK OF AFRICA, LICENSED AS A PAYMENT INSTITUTION 16 December 2019

Damane Cash, a subsidiary of the BANK OF AFRICA Group specialising in money transfer, has obtained the authorisation from Bank Al Maghrib to operate as a Payment Institution.

The approval of Bank Al Maghrib is the culmination of Damane Cash’s transformation process since its acquisition by the BANK OF AFRICA Group in December 2014.

Created in 2008, Damane Cash has indeed undergone restructuring at all levels (Information System, Operating Processes, Compliance, Human Resources, Point of Sale Network, etc.). The subsidiary of the banking group is now developing a local network in order to offer its customers a range of products and services, including domestic money transfer, receipt of money orders from abroad, manual (currency) exchange and payment of invoices and taxes.

Placing the customer at the heart of its priorities, Damane Cash adopts a strategy of proximity and innovation by relying on a broad national coverage and a constantly growing network that today includes more than 390 points of sale, particularly in peri-urban and rural areas.

Damane Cash’s accession to the status of Payment Institution enables it to extend its activity to the opening of payment accounts and the offer of mobile payment services backed by these accounts. This offer strengthens the BANK OF AFRICA Group’s alternative distribution system aimed at reaching unbanked customers, particularly in remote areas.
As such, and to be part of the mobile payment system promoted by Bank Al-Maghrib, Damane Cash has made significant investments in digital and multi-channel means through the development of an M-Wallet offer, called "Damane Pay", which includes rich and innovative functionalities.

With its new Digital DNA and its ambition in the money transfer market, Damane Cash will soon enable its customers, but also all Moroccan Smartphone holders, to access a wide range of mobile financial services and to carry out, with a few clicks, their operations (transfer, payment and withdrawal of money, payments, settlement of bills) in a secure and reliable way.