> ## Content Index
> Fetch the complete content index at: https://www.embeddedfinancereview.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# From E-Commerce to Morocco's First Licensed BaaS with Ismael Belkhayat from Chari
- URL: https://www.embeddedfinancereview.com/podcasts/from-e-commerce-to-moroccos-first-licensed-baas-with-ismael-belkhayat-from-chari/
- Published: 2026-03-19T07:30:09.000Z
- Updated: 2026-09-16T07:44:50.000Z
- Description: Ismael Belkhayat on building Morocco's first VC-backed payment institution from scratch and opening the infrastructure to third parties.
- Author: Lars Markull
- Tags: Podcast, Embedded Banking, Embedded Payments, Morocco, Enabler, Chari

Three years ago, a Moroccan e-commerce startup approached every bank in the country to request Banking-as-a-Service. But they could not help them. So the founders approached the central bank, obtained a payment institution license, and built the entire tech stack themselves.

💡

Listen now on [Spotify](https://open.spotify.com/episode/6SMGc3OawWrrhk9lLxaehE?si=f819081b44d74471&ref=embeddedfinancereview.com), [Apple Podcasts](https://podcasts.apple.com/de/podcast/from-e-commerce-to-moroccos-first-licensed-baas-with/id1748335340?i=1000756075430&ref=embeddedfinancereview.com), or [YouTube](https://www.youtube.com/watch?v=av2TXyonVhE&ref=embeddedfinancereview.com).

📄

Prefer to read? The full transcript of this episode is available [here](https://www.embeddedfinancereview.com/ismael-belkhayat-chari-transcript/).

In this Embedded Finance Review Podcast episode, I speak with [Ismael Belkhayat](https://www.linkedin.com/in/belkhayat/?ref=embeddedfinancereview.com), CEO and co-founder of [Chari](https://chari.ma/?ref=embeddedfinancereview.com). Chari is a Y Combinator-backed startup that has become Morocco's first VC-backed company with a full payment institution license. What started as a B2B marketplace for small retailers has evolved into both a merchant super app and a Banking-as-a-Service platform serving third-party clients across Morocco.

Ismael previously worked as a consultant at BCG before becoming a serial entrepreneur in Morocco. Chari is his third venture after selling a property portal and building a ride-hailing app that became Bolt in Morocco.

**Key Takeaways:**

- Why Moroccan banks couldn't deliver BaaS in 2022 and how that led Chari to build everything in-house
- What it actually takes to build a licensed fintech stack from scratch (core banking, card management, payment gateway, POS processing)
- How they're positioning as both an operator (merchant super app) and infrastructure provider (BaaS platform)
- Why they chose to build rather than use providers, and what that decision cost them in time and go-to-market
- How European fintech companies can use Chari's infrastructure to expand into Morocco and North Africa
- The licensing landscape in Morocco versus passporting in the EU, and expansion opportunities across Francophone Africa