Yassir, the Algerian on-demand service application, is poised for a significant expansion phase in Morocco following its application for authorization to operate as a payment institution with Bank Al-Maghrib (BAM) in January 2024. This strategic move marks Yassir’s endeavor to diversify and solidify its position within the Moroccan market.
Since its inception in Morocco in 2019, Yassir has experienced rapid growth, establishing a presence in over 45 cities across the Maghreb region, including numerous locations in Morocco. The platform offers a diverse array of services ranging from transportation to food and grocery delivery, catering to the evolving needs of consumers.
The application’s submission for payment institution authorization to the central bank of the Kingdom of Morocco, Bank Al-Maghrib, underscores Yassir’s ambition to broaden its service offerings by integrating financial services. This authorization is pivotal for Yassir, as it aims to streamline transactions for both users and partners, thereby enhancing convenience and accessibility across its platform.
Yassir’s pursuit of this license is a strategic step towards realizing its diversification strategy, which seeks to transform the application into a comprehensive, multifunctional platform catering to daily consumer needs.
To bolster its expansion efforts and pending regulatory approval, Yassir has assembled a distinguished management team comprising prominent Moroccan figures. The board overseeing the authorization process includes notable personalities such as Ghalia Sebti, an esteemed entrepreneur in the technology and startup sector; Mohamed Benjelloun Touimi, renowned for his financial acumen within Bank Of Africa (BOA); and Ali Kettani, director of ALK Finance and recognized for his diplomatic and economic contributions.
Yassir’s expansion in Morocco is part of a broader continental growth strategy, supported by a successful Series B funding round that raised $150 million in 2022. This substantial fundraising underscores investor confidence in Yassir’s potential to scale operations and deepen market penetration.
By securing authorization as a payment institution, Yassir aims to introduce innovative and inclusive payment solutions, thereby advancing financial inclusion goals. This initiative aligns with Yassir’s overarching vision to emerge as Africa’s foremost super-app, facilitating seamless daily transactions for millions of users across the continent.
Yassir’s proactive steps towards regulatory compliance and strategic leadership appointments position the company favorably to capitalize on burgeoning opportunities within Morocco’s dynamic digital economy and beyond.