Bank Al-Maghrib (BAM) and Hightech Payment Systems (HPS) presented at the Africa Blockchain Summit a Proof of Concept (PoC) dealing with a case of use of Blockchain technology that meets the objectives of the national financial inclusion strategy.
Adapted to the national context, this case of use concerns the targeted distribution of aid to citizens through a chain distributed among the actors concerned, according to a BAM press release.
The solution would allow eligible consumers, previously identified by the grant agency, to benefit directly from their grant at the time of purchase of the products concerned with a payment via a mobile payment application (M-Wallet) backed by a bank account or payment, specifies the same source.
This scheme would allow the customer to benefit from subsidized prices without affecting the merchant’s cash flow since the difference in price is paid by the bank of the subsidy organization to the merchant’s bank.
This use case aims to propose an innovative solution to improve the dematerialization of flows related to state subsidies and promote the adoption of mobile payment by the target population, the statement said.
Jointly organized by Bank Al-Maghrib and Paris Europlace with the support of HPS and Talan, the Africa BlockChain Summit is an event dedicated to Blockchain technology in Africa and its potential for both central banks and the financial system.