ISMAELS BELKHAYAT'S ON REVOLUTIONIZING TRADITIONAL SMALL BUSINESS TRADE IN MOROCCO
In this edition, we sat down with Ismael Belkhayat, our 2024 Top 10 Hero and founder of Chari- an e-commerce and fintech app for traditional retailers in French-speaking Africa. Chari allows merchants to order any consumer goods they sell and get them delivered for free in less than 24 hours. In this interview, Ismael shares what inspired the launch of Chari and how it is transforming informal retail in Morocco and beyond.
1. You founded and exited several startups before launching Chari. What unique market gap in Morocco prompted your shift to B2B e-commerce for informal retailers?
Before launching Chari, I had the opportunity to build and exit several startups, which gave me a deep understanding of the Moroccan entrepreneurial landscape and the challenges that businesses here face. One pattern I noticed repeatedly was how underserved informal retailers were despite their critical role in our economy. In Morocco, small neighborhood shops – often family-owned – account for the vast majority of daily consumer goods distribution. Yet, these retailers have historically had to deal with fragmented supply chains, inconsistent pricing, lack of credit access, and inefficient procurement processes.
The gap was clear: there was no structured, technology-driven solution to streamline how these informal retailers sourced their products. I realized that by leveraging digital tools, we could empower these shop owners with better visibility on pricing, access to a wider range of products, and the ability to order seamlessly without disrupting their day-to-day operations. This wasn’t just about convenience; it was about inclusion, helping small merchants become more competitive and resilient.
That realization prompted me to shift towards B2B e-commerce with Chari. It was an opportunity to modernize a deeply traditional sector while building a scalable platform that could solve real pain points for thousands of retailers, ultimately driving greater efficiency in Morocco’s consumer goods supply chain.
2. For those unfamiliar with Chari, could you explain what the company does, your core services, and who your ideal customer is?
Chari started as a B2B e-commerce application that allows mom-and-pop shops to order any of the consumer goods they sell and receive them with free next-day delivery. This initial model addressed a major pain point for these small retailers, who previously had to spend time and effort sourcing from multiple distributors with no guarantees on pricing or reliability.
Very quickly, we realized that access to products alone was not enough — these shop owners also needed financial solutions to keep their shelves stocked. That’s when we decided to add embedded finance on top of our e-commerce offer. To do this properly and sustainably, we pursued and obtained a payment institution license from Morocco’s central bank, which allows us to operate as a regulated fintech.
Today, beyond our e-commerce platform, we provide a full suite of financial services for merchants, including acquiring, issuing, processing, and a range of value-added services. We can now open payment accounts for merchants in just a few seconds, enabling them to be financially included and giving them access to a world of digital tools. We have equipped them with payment terminals for both face-to-face and online transactions, and we issue them Visa cards to facilitate their business operations. Through our app, they also benefit from additional value-added services, such as mobile top-ups, making their shops a hub for various essential services.
At the same time, we are building a robust agency banking network that brings even more financial inclusion to underserved communities. This combination of commerce and finance allows us to empower small retailers not only with products but with the financial tools they need to grow and thrive in the digital economy.
3. Chari has transformed the retail landscape in Francophone Africa by digitizing informal trade. What do you see as your biggest value proposition to small shop owners and wholesalers?
Our biggest value proposition is giving merchants a simple, powerful way to run and grow their businesses while including them financially. Through Chari, they can order all the products they need at competitive prices and have them delivered for free the very next day, removing the stress and cost of sourcing from multiple suppliers. This makes their operations more efficient and allows them to focus on serving their customers instead of managing logistics.
At the same time, we go beyond commerce by embedding financial services into our platform. We open payment accounts in seconds, provide payment terminals for face-to-face and online transactions, and issue Visa cards to support their business activities. Through our app, they also access value-added services such as mobile top-ups and other digital tools, making their stores more attractive and useful to their communities. Importantly, we also extend payment facilities, helping them keep their shelves stocked even when cash flow is tight.
By combining access to products with integrated financial solutions, we are empowering merchants to modernize their businesses, improve profitability, and fully participate in the digital economy.
4. What operational or financial hurdles did you face while scaling Chari across national borders?
When we started Chari in 2020, one of the biggest challenges we faced was fundraising. At that time, Morocco’s startup ecosystem was still nascent, and access to venture capital was extremely limited. International investors were largely unfamiliar with the opportunities in our market, and we had to work hard to convince them that Morocco could produce startups capable of scaling and delivering strong returns.
This meant not only pitching Chari’s potential but also putting Morocco on the map as a country with a promising entrepreneurial ecosystem. We spent considerable time educating investors about the size and relevance of the informal retail sector, demonstrating how technology could transform it, and proving that a Moroccan startup could operate with the same ambition and efficiency as those in more mature ecosystems. That experience shaped our approach to growth — making us more resilient, strategic, and determined to pave the way for other Moroccan startups to access global funding.
5. Could you tell us more about your new service baas.chari.com? What does it offer, and who is it designed for?
When we obtained our payment institution license from Morocco’s central bank in April 2023, we decided to build our technology fully in-house to ensure we had complete control and scalability. For example, we developed our own core banking system and other key infrastructure components to support our operations. Rather than using this exclusively for our own needs, we saw the opportunity to open it up and launched our Banking-as-a-Service offering.
Through this platform, we provide not only the technology infrastructure but also the regulatory license and the payment rails that businesses need to launch financial services in Morocco. This makes it possible for corporations, startups, and even global fintech companies to integrate embedded fintech into their products without the burden of building these capabilities themselves.
Our solution includes acquiring, issuing, and processing, as well as instant account opening, agency banking, and value-added services like telco top-ups. It also provides principal agent status, direct connection to local payment switches, business process outsourcing (BPO) services, and access to our wide network of local agents. In short, we deliver the technology, the license, the rails and the compliance for companies to quickly and securely launch innovative financial services in Morocco.
6. You have acquired several businesses, including Axa Credit’s license. How has vertical integration supported Chari’s scalability and resilience?
At Chari, we carefully evaluate every opportunity based on how it aligns with our long-term vision. While we explored the acquisition of Axa Credit’s license, we ultimately decided not to move forward because, for now, we want to stay fully focused on payments rather than entering the credit business. We believe that building a strong, scalable payment ecosystem is a crucial first step, and that credit solutions will only make sense once we have deeply established this infrastructure.
This focus has allowed us to dedicate our resources to strengthening our core payment offering — developing in-house technology, expanding our Banking-as-a-Service platform, and reinforcing our position as a trusted partner for merchants and fintech players. Our approach to vertical integration remains deliberate: we integrate only what directly supports our mission of becoming the leading payment provider in Morocco and, eventually, across the region.
Interestingly, this strategic decision and the thinking behind it are documented in a Harvard Business School case study, which highlights how we are balancing growth, focus, and long-term impact.
7. B2B marketplaces in Africa are often seen as high risk by traditional investors due to logistical complexities. How did you approach fundraising and position your hybrid model to gain investor trust?
From the very beginning, we made it clear to investors that Chari is not a traditional marketplace. Our e-commerce activity operates on a buy-and-sell model, which means we purchase goods from suppliers and sell them directly to merchants, allowing us to generate margins on every transaction. This approach gave us more control over pricing, inventory, and service quality, and very early on, we were extremely careful about our unit economics, ensuring that our operations were built on a sustainable financial foundation rather than growth at any cost.
In addition to this, we positioned our fintech offering as the real cornerstone of our scalability. By securing a payment institution license and building our own core banking system, we created the regulatory and technological backbone needed to embed financial services into our platform. This hybrid model — combining a margin-based commerce business with a robust fintech infrastructure — reassured investors that Chari is not just about logistics but about building a scalable, financially sound ecosystem that transforms informal trade in Morocco and beyond.
8. Being valued at $100M and featured in the Financial Times as one of Africa’s fastest-growing startups is a significant milestone. How do you stay agile and focused on the long term amid rapid growth?
Being valued at $100M and recognized by the Financial Times as one of Africa’s fastest-growing startups is an important milestone for us, but we see it as just the beginning of our journey. Staying agile amid this growth requires discipline, humility, and a constant focus on why we started Chari in the first place — to empower informal merchants and transform the retail and payments ecosystem in Morocco.
We’ve maintained agility by structuring our teams to make quick, data-driven decisions and by continuously iterating on our products based on direct feedback from the merchants we serve. At the same time, we keep our long-term vision at the forefront: building a robust payments and embedded fintech infrastructure that will not only support informal trade but also drive greater financial inclusion.
This balance between execution today and preparing for tomorrow allows us to grow sustainably while staying true to our mission, ensuring that milestones like these are stepping stones toward a much bigger impact.
9. Your personal drive is reflected in your involvement in sports, skydiving, and piloting. How do you maintain discipline and creativity in your role as a founder?
For me, discipline and creativity go hand in hand, and my involvement in sports, skydiving, and piloting has shaped the way I approach both. These activities require intense focus, preparation, and the ability to stay calm under pressure — all of which are essential traits for a founder navigating uncertainty and growth. Sports have taught me endurance and the importance of consistent effort, while piloting and skydiving sharpen my ability to assess risks quickly, trust my training, and make decisive moves when it matters most. At the same time, these experiences give me the mental space to think creatively. Stepping away from the day-to-day of the business often sparks new ideas and helps me approach challenges with a fresh perspective. This balance of discipline from structured training and creativity from exploration allows me to lead Chari with resilience, clarity, and a willingness to innovate.
10. What is your long-term vision for Chari in Morocco and across Francophone Africa? Do you see the company evolving beyond FMCG into areas like health, agri-inputs, or other B2B marketplaces?
My long-term vision for Chari is to become the leading payments and embedded fintech infrastructure provider for small merchants in Morocco and, eventually, across Francophone Africa. While our journey started with e-commerce in the FMCG sector, it quickly became clear that the real opportunity lies in transforming how merchants access and use financial services.
By leveraging our payment institution license, in-house core banking system, and Banking-as-a-Service platform, we are building the rails that will power digital payments, financial inclusion, and new value-added services for millions of merchants. This goes far beyond simply helping them source products — it is about giving them instant access to payment accounts, cards, digital tools, and an agency banking network that connects them to the broader financial ecosystem.
Over time, this infrastructure can support many sectors, from health products to agricultural inputs, making Chari the backbone for trade and financial services in the region. For me, the ultimate goal is to create a scalable, regulated, and technology-driven platform that drives inclusion and unlocks growth for informal businesses across Francophone Africa.
11. Looking back at the early days of Chari, what decisions would you make differently with the benefit of hindsight?
Looking back, one of the key lessons from Chari’s early days is the importance of focus. In the beginning, we were eager to explore several opportunities at once, including entering the credit space through potential acquisitions. With hindsight, I would have narrowed our efforts even earlier to double down on building the strongest possible payments infrastructure before considering adjacent opportunities. Staying laser-focused on payments has proven to be the right path, and if we had made that decision sooner, we could have accelerated our progress in this core area.
I also recognize how valuable it is to build in-house technology from the start. Developing our own core banking system and other financial infrastructure has been transformative for Chari’s scalability. If I could go back, I would make that decision even earlier to strengthen our foundation sooner. Ultimately, every challenge and misstep shaped our resilience and sharpened our vision — but those are the two areas where earlier decisions could have amplified our growth trajectory.
