Stores across Morocco are transforming into digital hubs with Chari, combining inventory management and financial services for small retailers.
Introduction: Stores across Morocco
In Morocco, traditional corner stores, known locally as “mom-and-pop shops,” have long been the backbone of the retail sector. These small businesses, often operating on informal credit systems and manual inventory tracking, serve as essential hubs for daily necessities. However, with the rise of digital transformation, these establishments face challenges in adapting to modern business practices. Enter Chari, a Moroccan startup founded in 2020 by Ismael Belkhayat and his wife, Sophia Alj. What began as a platform to streamline inventory procurement has evolved into a comprehensive digital ecosystem offering financial services tailored for these corner stores.
The Genesis of Chari
From Consultancy to Entrepreneurship
Before venturing into the startup world, both Belkhayat and Alj had established careers in consultancy. Their extensive travels across sub-Saharan Africa exposed them to the challenges faced by small retailers in emerging markets. Recognizing the similarities between these markets and Morocco’s retail landscape, they identified an opportunity to bridge the gap between traditional commerce and digital solutions. This insight led to the inception of Chari, aiming to empower local retailers through technology.
Chari’s Core Offerings
1. Digital Procurement Platform
Chari’s primary service is its B2B e-commerce platform, which allows retailers to order a wide range of fast-moving consumer goods directly from suppliers. This digital approach eliminates the need for manual order-taking and ensures timely deliveries, enhancing the efficiency of inventory management for small businesses.
2. Embedded Financial Services
Understanding the financial constraints of small retailers, Chari introduced embedded financial services to its platform. Through its fintech arm, Chari offers microloans, enabling shopkeepers to purchase inventory and manage cash flow effectively. This initiative addresses the liquidity challenges faced by many small businesses, allowing them to operate smoothly without the constant worry of cash shortages.
3. Digital Bookkeeping with Karny
To further support retailers, Chari developed Karny, a digital bookkeeping application. Karny assists shopkeepers in tracking customer credits, sending reminders, and managing financial records digitally. This tool not only simplifies accounting processes but also promotes financial literacy among small business owners, fostering a more transparent and organized approach to business management.
Strategic Partnerships and Growth
Collaboration with Bank Al-Maghrib
Chari’s fintech division, Chari Money, received authorization from Morocco’s central bank to operate as a payment institution. This license enables Chari to offer a broader range of financial services, including digital payments and utility bill payments, to its users. Such regulatory backing not only legitimizes Chari’s operations but also instills confidence among its clientele.
Expansion into Francophone Africa
Building on its success in Morocco, Chari has expanded its services to other Francophone African countries, including Tunisia and Ivory Coast. This regional expansion underscores Chari’s commitment to supporting small retailers across Africa, adapting its solutions to meet the unique needs of each market.
The Impact on Morocco’s Retail Landscape
Empowering Small Retailers
Chari’s comprehensive suite of services has significantly empowered small retailers in Morocco. By providing access to digital tools and financial resources, Chari has enabled these businesses to operate more efficiently, reduce operational costs, and enhance customer satisfaction. This empowerment contributes to the overall growth and modernization of Morocco’s retail sector.
Promoting Financial Inclusion
Through its embedded financial services, Chari has played a pivotal role in promoting financial inclusion. By offering microloans and facilitating digital payments, Chari has integrated small retailers into the formal financial system, allowing them to thrive in a modern economy.
Morocco’s Economic Growth and Resilience
Morocco has shown remarkable economic resilience over the past decade, maintaining steady growth despite global uncertainties. The country’s diversified economy, ranging from agriculture and tourism to manufacturing and digital services, has provided stability and created new opportunities for businesses. This economic strength forms a solid foundation for innovative startups like Chari, which thrive by connecting traditional retail with modern financial solutions.
Trade and Regional Integration
Morocco plays a strategic role in African trade, acting as a gateway between Europe, the Middle East, and sub-Saharan Africa. Its investments in infrastructure, logistics, and digital platforms facilitate cross-border commerce and attract foreign investment. By strengthening trade links within Africa, Morocco contributes to regional economic integration, enabling other African countries to benefit from improved market access and knowledge sharing.
Digital Economy as a Growth Engine
The growth of Morocco’s digital economy has ripple effects across the continent. By adopting fintech solutions, e-commerce platforms, and digital services, Moroccan businesses are setting examples for innovation and efficiency. This digital momentum not only accelerates local economic development but also inspires other African nations to leverage technology, enhancing competitiveness and fostering broader economic growth across the region.
Conclusion
Chari stands as a prime example of how digital innovation can transform traditional retail landscapes. By combining procurement, financial services, and digital bookkeeping, it empowers Morocco’s corner stores to grow sustainably while fostering financial inclusion. For more information about Chari and its initiatives, you can visit Chari Official Website.
