Bank Al-Maghrib uses blockchain to promote financial inclusion

Open Innovation - Africa Blockchain Challenge

· Open Innovation

Bank Al-Maghrib and Paris Europlace have launched, in partnership with HPS and Talan, the Africa Blockchain Challenge. An Open Innovation program set up and deployed by LaStartupFactory.

Aimed at startups, especially African ones, its objective was to implement innovative solutions using Blockchain technology to serve financial inclusion. The proposed solutions had to concern

Following two inspirational workshops, one in Dakar and another in the historical branch of Bank Al-Maghrib in Casablanca (with a private visit of this emblematic place as a bonus), and a pan-African call for applications, more than 200 African startups tried their luck to participate in this unique open innovation program!

Based on the selection criteria, which were the feasibility of the prototype, the degree of innovation, the societal impact of the solution and the quality of the project team, 16 startups took part between October 14 and 25 in a personalized coaching cycle. At the end of this cycle, 8 startups (Moroccan, Tunisian and Senegalese) were selected on October 29 to participate in a 3-day Bootcamp that took place on November 18, 19 and 20, 2019.

The winners of the first edition of the Africa Blockchain Challenge were unveiled on November 21, on the sidelines of the Africa Blockchain Summit.

The big winner of this edition is none other than the start-up Wafr. Its mobile payment application offers discounts on groceries.

The second place was won by the Tunisian start-up Ajyal Capital which has developed a platform for equity crowdfunding.

The third place went to the start-up B-Sensei. The company proposed a mobile application to help users control their spending and acquire skills through financial education.

The startup AIOX Labs (participant in the bootcamp and "Coup de Coeur" award) got a purchase order a few months after the bootcamp and is currently deploying AI and Big Data solutions for the national economic steering for Bank Al-Maghrib.

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