Bank Al-Maghrib steps up shift toward digital payments
Rabat – Bank Al-Maghrib (BAM) is intensifying its efforts to accelerate the transition toward digital payments, as part of a broader strategy to reduce Morocco’s reliance on cash and modernize the national financial ecosystem.
According to the central bank’s latest assessments, cash payments continue to dominate daily transactions, largely due to deeply rooted habits, the weight of the informal economy, and lingering distrust toward fiscal mechanisms. Although a slight decline was observed in 2024, the volume of cash in circulation remains high, despite temporary measures that helped absorb part of excess liquidity.
To address this challenge, Bank Al-Maghrib has placed mobile payments at the center of its reform agenda. While digital wallets still account for a marginal share of total transactions, they are seen as a key lever for transforming payment behaviors. Authorities stress the importance of coordinated actions combining public awareness campaigns, user support, and incentives aimed at both consumers and merchants.
Regulatory reforms and market development
Recent regulatory changes have also played a crucial role in this shift. By introducing new rules governing interchange fees, the central bank aims to enhance transparency, limit costs for end users, and foster competition and innovation within the electronic payments market.
In parallel, the regulatory framework for payment institutions has been eased to encourage broader access to digital financial services. These reforms have supported the expansion of mobile wallets, particularly for the distribution of social assistance and public transfers.
Growing adoption of mobile wallets
The Moroccan digital payments market has shown steady growth. The number of mobile wallet accounts has increased significantly in recent years, alongside a sharp rise in transaction volumes and values. Payment institutions now handle the vast majority of these operations, reflecting their central role in driving financial inclusion.
Bank Al-Maghrib’s strategy goes beyond technology alone. It seeks to lay the foundations for a sustainable digital finance industry, built on fair pricing, unified governance, and secure infrastructure. By multiplying reforms and incentives, the central bank aims to steer Morocco toward a more inclusive, efficient, and less cash-dependent economy.
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