Attijariwafa Bank launches digital bank
The initiative will cut banking cost and increase financial inclusionAttijariwafa Bank, a leading bank in Morocco on December 9 launched a digital bank called "L'banka Lik" where users can open and run a bank account at no cost. The development will deepen financial inclusion in Morocco by providing financial services to customers searching for more affordable banking services. With various standard of operations and associated costs of running an account, traditional banking has excluded a large number of Moroccans from formal financial sector; the introduction of the digital banking system with free account opening services will integrate the unbanked into the formal banking system. Prior to this initiative, CIH Moroccan bank had launched "code 30," with free banking services for Moroccans under the age of 30. CIH has attracted over 35,000 customers, which is a signal that Attijariwafa's digital banking will provide financial services to thousands on clients.