CitiBank Maghreb, in partnership with Mastercard, announced on Friday the launch of local commercial card services and solutions in Morocco, according to a press release.
These services encompass a range of options tailored to businesses across the country, including Travel and Entertainment (T&E) cards, as well as purchasing cards.
Citi and Mastercard revealed their collaboration during an event that took place in Casablanca, with the presence of Marissa Scott, US Consul General, alongside more than 100 distinguished guests, including senior executives from Morocco’s major corporations and top management from both companies.
The service is expected to be managed and operated by Citi Services Treasury and Trade Solutions (TTS) business.
“Our commercial card solutions are poised to help our clients grow their business and expand into new markets globally,” declared Taoufik Rabbaa, CEO of Citibank Maghreb.
He added that with this launch, “their TTS business entered the Kingdom, providing inbound clients with seamless services and an expanded worldwide network.”
With the support of this innovative commercial card program, says the press release, companies are expected to enhance their financial flexibility and operational efficiency and raise their share of corporate card spend.
On his part, Khalid Elgibali, Division President for MENA at Mastercard noted that “the launch of the commercial cards in Morocco marks a significant milestone in their mission to build a more inclusive and sustainable digital economy.”
He expressed his excitement about the potential of this partnership to enhance the financial agility of companies in Morocco, supporting them to “thrive in the dynamic global market.”
How will this new partnership impact the traditional banking sector in Morocco and what challenges might arise for local financial institutions?