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The Moroccan Economy in Brief: Saturday, October 17, 2020

AtlantaSanad increases its stake in Oulmès to more than 28%:
The Moroccan Capital Market Authority (AMMC) informs the public that, as part of the merger-absorption operation of Sanad by Atlanta, the company AtlantaSanad Assurance (absorbing) declared having received a transfer of 198,060 Oulmes shares from the company SANAD (absorbed), and having crossed the threshold of 20% participation in the capital of Oulmes. Following this transfer, AtlantaSanad Assurance declared holding 563,781 Oulmes shares, i.e. 28.47% of the capital of the said bank.


The budget deficit amounted to MAD 42.8 billion at the end of September:
The budget deficit stood at MAD 42.8 billion at the end of September 2020, compared to MAD 28.5 billion at the same date last year, according to the Situation of Treasury Charges and Resources (SCRT), published Thursday by the Ministry of Economy, Finance and Administration Reform (MEFRA). Compared to the month of August, this deficit is an improvement of MAD 3.7 billion, resulting mainly from the improvement in the ordinary balance (MAD +6.7 billion compared to August 2020), the same source said.


CDG prévoyance: Acceleration of structuring projects in 2019:
CDG prévoyance, a subsidiary of the Caisse de Dépôt et de Gestion (CDG) which manages the Caisse Nationale de Retraites et d'Assurances (CNRA) and the Régime Collectif d'Allocation de Retraite (RCAR), has published its activity report for 2019. It shows that last year was marked by the acceleration of structural projects aligned with national strategies for good governance and modernization of public administrations, upgrading of services to citizens and protection of the most disadvantaged social strata, according to the Group's top management. "Through the CNRA and RCAR Management Committee, we have thus promoted substantial improvements in the architecture and functioning of the governance of these two organizations," said Abdellatif Zaghnoun, Director General of CDG and Chairman of the CNRA and RCAR Management Committees.


Mobile payment: BMCI subsidiary DIGIFI launches Smart Flouss:
BMCI and the BNP Paris Group promote financial inclusion. Through DIGIFI, BMCI's independent mobile payment subsidiary in Morocco, they are launching the Smart Flouss service. DIGIFI has indeed obtained the approval of Bank Al-Maghrib (BAM) and has set up its Mobile Wallet with the highest standards of the market in terms of security and reliability thanks to the expertise of the Group and its centers of expertise in Morocco, it is said. Smart Flouss is an electronic wallet that aims to advance mobile payment, on operations today largely carried out in cash, in the form of services but with balance limits ranging from MAD 200 to MAD 20,000.


DHL: 30 million euros to digitize its processes in Africa:
The DHL Group and the German Federal Ministry for Economic Cooperation and Development want to strengthen e-commerce in developing and emerging countries. To this end, both parties intend to invest €30 million in the digitalization of customs and trade processes, the promotion of e-commerce and low-emission logistics in African cities. An agreement was signed by Group CEO Frank Appel and Federal Minister Gerd Müller.