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Fintech: Bank Al-Maghrib releases approval guide for project holders
Bank Al-Maghrib has published a new reference guide designed to support entrepreneurs and innovators operating in the fintech sector by clarifying the procedures required to obtain regulatory approval. The document aims to provide greater visibility on the central bank’s approach to supervising and accompanying fintech projects in Morocco.
Entitled “Guide to the Fintech Pathway with Bank Al-Maghrib,” the publication is a concise and accessible manual that outlines the key stages of the licensing process, the expected documentation, and the indicative timelines involved. It also explains how applications are reviewed and assessed by the central bank.
The guide begins by defining fintech as a form of financial innovation based on technology that can lead to new business models, products, or services with a significant impact on financial markets and institutions. It also presents a legal categorization distinguishing between sector-specific fintech solutions, such as those related to core banking services, and support fintech, which relies on technologies applicable beyond the financial sector but plays a key role in its evolution.
Bank Al-Maghrib highlights its initiatives to foster the fintech ecosystem, including adapting the regulatory framework, engaging with project developers, and providing regulatory guidance throughout the approval process. According to the guide, the first step for project holders is to contact the banking supervision department to clarify the regulatory scope of their initiative before formally submitting an application.
Once a complete application is filed, the review process follows an iterative approach that may involve exchanges to refine the assessment or request additional information. The central bank indicates that a final decision is generally issued within a maximum period of four months after receipt of all required documents. The outcome may result in full approval, conditional approval, or a justified refusal.
