Al Filahi Cash’s commercial network will be based on its own branches, backed by digital relays.
The Crédit Agricole du Maroc group plans to invest DH 85 million for the development of its new subsidiary Al Filahi Cash, the payment institution launched last November for a capital of DH 25 million. Al Filahi Cash, which targets mainly rural and peri-urban customers, will have a network of 50 branches, the very first of which was inaugurated on January 9 in Témara. The business plan is based on profitability from the third year, and net banking income multiplied by 5 in five years.
Strong mobilization of the Crédit Agricole du Maroc (CAM) group for financial inclusion. It plans to invest 85 million DH in the development of its new subsidiary Al Filahi Cash (AFC), the group’s payment institution launched last November for a capital of 25 million DH. Al Filahi Cash, which targets mainly rural and peri-urban customers, will have a network of 50 branches, the very first of which was inaugurated on January 9, 2021 in Témara in the presence of the Chairman of the Management Board of the Crédit Agricole du Maroc group, Tariq Sijilmassi . The business plan is based on ambitious objectives during the first five years. Net banking income will have to be multiplied by 5, from 11 million DH in the first year to 58 million in the fifth year, ie an average annual growth of 42.52%. On the profitability side, the operating profit and the net profit of the Al Filahi Cash subsidiary would become positive from the third year, at 11 million DH, each, to reach approximately 40 million and 21 million DH respectively at the end of the fifth year. It should be noted that the commercial network will cover peri-urban and rural areas with high demographics and low coverage in bank outlets as well as remote regions to contribute to their financial inclusion. While capitalizing on a “very strong synergy” with the “important” system of the parent company, Al Filahi Cash’s sales network will be based on its own branches, backed by digital relays. The latter are self-service banking spaces allowing customers and non-customers to carry out several banking operations independently. In addition to the physical presence covering the national territory, Al Filahi Cash offers its products and services through the “Filahi Pay” mobile application. This free application offers various routes to its customers covering all services from the opening of an account, capped at 200 DH, to the completion of payment transactions, transfers and provision instantly 24 hours a day. 7d. Note that for the creation of Al Filahi Cash, the Crédit Agricole du Maroc group made a request on February 12, 2020 for the transformation of its subsidiary “CAM Gestion”, specializing in asset management, into a payment institution. After a favorable opinion issued by the Committee of Credit Institutions, on September 1, 2020, Al Filahi Cash obtained its approval by decision of the wali of Bank Al-Maghrib of October 1, 2020, published in the Arabic edition of Official Bulletin No. 6928 of October 22, 2020. Al Filahi Cash’s ambition is to make a strong contribution to strengthening the leadership of its parent company in financial inclusion in the rural and agricultural world. The addressable market is estimated at 6 million customers at the end of 2024. AFC markets the full range of products and services offered by a payment institution, in particular the execution of fund transfer operations from and to all AFC and CAM agencies . Added to this are the opening of payment accounts, cash deposits and withdrawals from a payment account and the execution of payment transactions (merchants, invoices, taxes and charges, telephone recharges).
Activities also relate to national and international transfer operations and provision from a payment account to an ATM or in cash as well as foreign exchange transactions.