CONTINUE TO SITE »
or wait 15 seconds

News

Wincor Nixdorf says Morocco will be gateway to ATM growth in Africa

May 28, 2009

MARRAKECH, Morocco — The economic landscape in Morocco is rapidly changing. In a country where the unemployment rate has remained steady at about 10 percent and the population, currently 35 million people, continues to grow, banking services are expected to play an increasingly important role, says Wincor Nixdorf's Stefan Auerbach. The majority of the Moroccan population remains unbanked and the penetration of ATMs remains extremely low.
 
Wincor Nixdorf opened its International Management Seminar at the Palmeraie Golf Palace on Thursday morning.
Morocco has aggressively worked to open its economy over the last decade by opening trade with markets in the Middle East and Europe. The country's Minister of Commerce, Ahmed Reda Chami, says that by 2012, ports in Tangier are expected to handle 8 million containers per year — a huge trade advantage for Morocco and Europe, since the two are only separated by seven miles of ocean. The country also is developing high-speed rail systems and is interested in migrating from coal as a primary energy source to more renewable energy options.
 
At the crux of all it, Chami says, is education and greater equality in the country's social structure.
 
"We are focusing on our education system, to ensure that with the economic growth, we see that all levels of society benefit," he said. "We are working to help women in the workforce and to ensure that they have more rights. We understand that it is important for all men and women to benefit from the improved economy."
 
Morocco, which is twice the size of Germany, has only 3,629 ATMs — the equivalent to 66 ATMs per 1 million inhabitants. Of that number, 3,200 are Wincor Nixdorf machines.
 
Auerbach says Wincor Nixdorf sees Morocco as a strategic market, and one that will be a focus for the company going forward as it works to cover Africa with more banking services.
 
Stefan Auerbach, executive vice president of Wincor Nixdorf's banking division.
Auerbach laid out Wincor Nixdorf's plans for growth in Africa during yesterday's opening of the company's International Management Seminar — an annual event for Wincor Nixdorf's global bank customers. So on a continent where 2,000 different languages are spoken, it was only fitting that Auerbach, as the executive vice president of Wincor Nixdorf's banking division, should welcome 150 seminar participants from 27 different nations, including those from Asia-Pacific.
 
Beyond the ATM is the mobile channel. About 280 million of Africa's 1 billion inhabitants are wireless subscribers. The number of mobile/wireless subscribers on the continent increased by more than 2000 percent from 2007 to 2008.
 
Seventy-five percent of Africa, however, remains unbanked; and the entire continent only has about 36,000 ATMs. The annual growth rate of ATM installations in Africa is less than 15 percent, but as the market develops, Auerbach says he expects that rate to significantly increase.
 
"We want to bring software solutions to Africa," Auerbach said. "We are committed to being the No. 1 retail banking provider for IT solutions in Africa. It's more than just the ATM — it's a multichannel approach. We want to look at mobile banking, too."

Related Media

Recent Posts
DC AG sues Bitcoin ATM operator Athena Bitcoin for allegedly exploiting scam victims
NCR Atleos earns #5 rank in fintech rankings
SEC to revamp cryptocurrency policies amid Trump's pro crypto push
Chase selects Nova Credit for cash flow underwriting
Metropolitan Commercial Bank named as an SBA loan provider


©2025 Networld Media Group, LLC. All rights reserved.
b'S1-NEW'