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In the absence of a centralized bill payment system in Morocco, Mourad Mekouar founded M2T, a multi-channel platform that enables un-banked customers at the base of the pyramid to pay bills, transfer money, and purchase mobile minutes and transportation tickets all in the same location – saving them time, money and energy. M2T processes over 40 million transactions each year, serving on average two million users per month through its 1,700 payment points across Morocco, Senegal and France. Having already captured 80% of the Moroccan bill payment market, M2T is poised to extend its service across MENA and Western Africa.
M2T offers convenience, savings, and security by offering multiple electronic financial services within its singular platform. They can be accessed through a PC, a POS terminal, or through its web and mobile phone platforms.Unbanked customers are offered a prepaid personal account with which they can pay for services. The company shares partnerships with 95% of Morocco’s service providers, from utilities to telecoms, including an exclusive contract with Banque Populaire.
To achieve his goal of expanding across all of Western Africa, Mourad plans on raising US$35M for branding and establishing a separate company to focus on licensing M2T’s proprietary technology.
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