News Africa23 Jan 2023

Morocco:Payment company given green light to market microinsurance plans

| 23 Jan 2023

Maroc Traitement de Transactions (M2T), the payment unit of the BCP group, has just obtained authorisation from the insurance regulator Insurance and Social Welfare Supervisory Authority (ACAPS) to market microinsurance products.

The BCP (Banque Centrale Populaire) is a leading banking group in Morocco. M2T operates a payment management system used for multi-channel payment services such as bill and instalment payments, money transfers, currency exchange, telecom top-up, bank account enrollment, transport e-ticketing, and express courier payments, for the telecommunications, oil distribution, e-commerce, banking and insurance sectors.

With this green light, the specialist in money transfers and multi-service payment activities will soon launch its inclusive insurance offers through its large physical network of proximity points, according to a report by Le360 quoting a source.

The authorisation is part of the expansion of the scope of distribution of insurance transactions to payment institutions (EDP), by allowing them to present transactions that meet the conditions set out in the ACAPS circular on the Insurance Code published on 21 July 2022 in the Official Gazette.

Microinsurance products will meet the specific needs of millions of Moroccans who do not have access to traditional insurance products. 

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