Morocco sees sharp rise in bank cards but cash still dominates

Thursday 24 July 2025 - 16:00

The number of bank cards in circulation in Morocco rose to 22.6 million in 2024, marking a 12% increase compared to the previous year, according to the latest annual banking supervision report released by Bank Al-Maghrib.

Despite this significant growth, cash withdrawals remain the main use of these cards, accounting for 86% of total transactions—only a slight drop from 88% in 2023. This indicates a persistent reliance on cash for daily payments, even amid the growing availability of digital banking services.

To address this, Morocco's central bank has undertaken key regulatory reforms to encourage the expansion of electronic payments, particularly in underserved rural areas. These reforms aim to increase access to digital financial services while reducing the country's dependency on cash.

Among the major steps taken are the liberalization of the payments market through the 2014 banking law, the standardization of licensing and oversight rules, and the separation of commercial and public-interest activities. One of the landmark initiatives is the launch of the interoperable mobile payment system "M-Wallet" in 2018.

Through these measures, Bank Al-Maghrib continues to promote a competitive and inclusive payment ecosystem that supports financial inclusion and modernizes the national payment landscape.