A BMCI press release states that the transaction is expected to be finalized in the first half of 2023 and remains subject to the fulfillment of the usual conditions precedent for this type of transaction, including obtaining the required regulatory approvals.
According to the same source, AB 15 Ventures intends to reorient the business model of this payment institution, based on its M-Wallet, Smartflouss, developed by Digifi and marketed since the end of 2019.
Digifi, whose approval was obtained in July 2019, has been able to develop throughout these four years of operation a significant customer base of about 170,000 customers, we specify, developed by a network of 97 partner agents throughout Morocco, with an annual acquisition rate of around 13%. Smartflouss offers a wide range of services including cash, transfers and payments, with 100% digital customer paths.
As a reminder, BMCI carried out a capital increase in Digifi at the end of December 2022, bringing its stake to 76%, with the remainder held by the BNP Paribas Group.