Bank of Africa Morocco partners major Chinese chambers of commerce to boost trade

MOROCCO – Morocco’s Bank of Africa (BMCE Group) has signed a partnership agreement with the Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCME) to boost trade between the two countries. The agreement was signed by Vice President of CCCME Liu Chun on behalf of the Chinese chamber of commerce and the General Manager of BMCE’s branch in Shanghai, Said Arden. The signing was also attended by Advisor at Morocco’s embassy in China, Reda Oudghiri, along with CCCME President Zhang Yujing. According to Morocco World…

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Bank of Africa’s half year profit plunge 68% due to COVID19

MOROCCO –Bank of Africa Group, a multinational pan-African banking conglomerate, has shown overall resilience in the face of the global COVID-19 crisis recording a 1% rise in consolidated net banking income for the period ending 30th June 2019. A statement from the bank revealed that the bank’s net banking income for the period under review rose to MAD 7 Billion (US$ 758.75 million) due to a 4.3% increase in net interest income and income from market operations, despite a fall in the other income sources. Despite its resilience, the corona…

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Bank of Africa launches first online mortgage loan service in Morocco

MOROCCO –Bank of Africa, one of the largest commercial banks in Morocco, has launched an online mortgage loan service in the Maghreb country as part of its strategy to digitize its banking products. The mortgage loan service christened, “Credithabitat.ma” is the bank’s first online mortgage loan service. The service according to Bank of Africa Morocco, seeks to allow clients to check their mortgage application and receive commercial offers without having to travel to the bank. Additionally, the new platform will help clients download supporting documents and monitor the progress of…

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Morocco creates US$622m fund to finance SMEs

MOROCCO – Morocco has created a fund under the 2020 Appropriation bill that includes a budget of MAD 6 billion (about US$622) to finance enterprises. Morocco World News reported that the fund, which spans over three years, is financed equally by the government and the banking sector. The integrated program covers three main initiatives, including the financing of entrepreneurship, the coordination of support actions for entrepreneurship at the regional level, and the financial inclusion of rural populations. To kickstart the program, King Mohammed VI chaired a signing ceremony in Rabat…

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