After Wana Corporate (known for its brand INWI) which created its subsidiary dedicated to mobile payment from the end of 2017 (even before the official launch of the “M-wallet” by Bank Al Maghrib and the National Agency for the Regulation of Telecommunications in November 2018), Orange decides to spin off its new mobile payment business in Morocco.
The French group, led by Stéphane Richard, has just created a new entity called Orange Money Morocco (OMM) and whose function will be the provision of payment services and the issuance and management of payment methods on behalf of third parties.
For the time being, this 100% -owned Orange Group subsidiary is in the process of recruiting and setting up operational partnerships that are opportune, but the effective launch of operations will have to begin in 2019. It must be said that in the regulatory register, OMM which already has 10 million dirhams (the minimum capital required) will only have to recover the approval of Establishment of payment already granted by Bank Al-Maghrib to its parent company in 2018.
OMM will have to fight as soon as it enters into service with the banks and their subsidiaries which were the first to jump into the arena (as soon as the interoperability is set up thanks to the M-Wallet) but also the other mobile operators (INWI through Wana Money and Maroc Telecom for the moment live) or with “independent” players such as Fast Payment, NAPS (M2M group), Cash Plus and Maymouna Financial Services.
But the size of this nascent market in Morocco, namely nearly 400 billion dirhams (including all dematerializable operations and which are not today), whets all appetites and justifies the ambition especially from the world number eight telecom operators who already have the necessary know-how to launch mobile payment activities in several countries around the world, particularly in sub-Saharan Africa.