Morocco’s payment landscape exhibits a mix of traditional and digital methods. Cash remains prevalent in e-commerce, while card payments and bank transfers are gaining traction. The emerging BNPL market and the gradual uptake of e-wallets indicate a shift towards digital solutions. This diverse range of payment options reflects Morocco’s evolving financial ecosystem.
Payment by cash in Morocco
Local actor: Wafacash, CashPlus, Fawatir, Espace Services, Barid Cash
 
 
 
 
Payment by card in Morocco
In Morocco, the card payments market, valued at $4.7 billion in 2022, is expected to grow significantly, with a projected CAGR of over 9% from 2022 to 2026. The market is still developing, as the country transitions from a cash-dependent economy with limited acceptance of payment cards at merchants​​. In 2023, Morocco recorded 7.9 million online card transactions​​. Financial inclusion efforts have led to a rise in account ownership, contributing to increased card usage​​.
The International card schemes Visa, Mastercard, Union Pay, Discover, Diners and JCB are active in Morocco.
The local card payment scheme is known as CMI (Centre Monétique Interbancaire). CMI is a significant player in the Moroccan card payment landscape and represents a collaboration of nine Moroccan banks. This scheme allows consumers to select CMI as a payment option during online checkouts, where they can enter their card details for payment. In 2019, CMI processed approximately 85 million transactions, indicating its substantial market presence. The majority of cards under this scheme are issued by the member banks of CMI​.
Local actor: CMI, Naps, Barid Bank (soon), Chari (soon), Payzone (soon)
 
 
 
 
Payment by bank transfer
In Morocco, the instant payment system, known as Virement Instantané, was launched in June 2023. This development is part of a broader movement in Africa to implement instant payment systems, as reported by AfricaNenda in the Inclusive Instant Payment Systems (SIIPS) in Africa 2023 report.
Morocco joins other African nations with multiple instant payment platforms. The Virement Instantané system, developed by the Groupement pour un Système Interbancaire Marocain de Télécompensation (GSIMT), facilitates transactions in less than 20 seconds, allowing transfers between accounts held at different banks (9 banks have already joined). This system, aligned with the international ISO 20022 standard, operates 24/7, offering both digital and in-person bank agency services. Initially, it’s capped at 20,000 dirhams per transaction and was free for the first three months after launch. The rollout intends to include all Moroccan banks, aiming to enhance transaction speed and simplicity.
MarocPay was activated by the Centre Monétique Interbancaire (CMI). It’s a mobile payment service that caters to the needs of over 8 million wallet holders in Morocco. This service represents a major step in the evolution of the Moroccan financial ecosystem, reflecting CMI’s commitment to promoting financial inclusion through innovative payment solutions.
The “Groupement du Paiement Mobile Maroc” (GP2M) economic interest group can be seen here: https://marocpay.ma/qui-sommes-nous/#Les_membres_du_GIE
Local actor: MarocPay
Payment by installment and BNPL
In Morocco, the Buy Now Pay Later (BNPL) market is gaining traction, with significant awareness and adoption among consumers. According to Mastercard’s New Payments Index 2022, 74% of Moroccan consumers are familiar with BNPL, and 39% are comfortable using it. The adoption of BNPL is driven by its flexibility and convenience, making it appealing for emergency and big-ticket purchases, as well as budgeting and financial planning.
A notable player in the Moroccan BNPL market is Chari, a company that integrates BNPL into its offerings for retailers. Chari uses data from Karny, a ledger book platform, to credit-assess unbanked shop owners and provide them with BNPL options. This approach enables shop owners to lend money to end-users, enhancing their business growth. Chari plans to expand its BNPL services to other French-speaking countries in Africa following its success in Morocco.
The growth of BNPL services in Morocco reflects the broader trend of increasing digital payment adoption, with younger generations like Gen Z and Millennials leading the way. The trend is underpinned by the benefits of new technologies in terms of speed, convenience, and security.
Local actor: Chari (B2B, B2C soon)
Payment by digital wallet and X-Pay
In Morocco, the use of e-wallets for digital payments is still emerging. Currently, only 6% of Moroccans have mobile wallets, and most of these users also have bank accounts. This suggests limited penetration of e-wallets among those without traditional banking services. The predominance of cash transactions, with 79% of small merchants using cash, indicates a market still reliant on traditional payment methods. However, there’s potential for growth in e-wallet usage, particularly if there are efforts to digitize government-to-person and person-to-government payments and increase merchant acceptance.
Key players in such markets include telecom companies offering mobile wallet services, banks expanding into digital payment solutions, and fintech startups focusing on mobile payment solutions.
Apple Pay and Google Pay were introduced in Morocco in 2023, with CIH Bank being one of the first banks to support it​​​​​​. PayPal operates with certain limitations like only allowing transactions in Moroccan dirhams and restricting users to send and receive money only within the country​​​​.
Local actor: Jibi, Filahi Pay, MT CASH, CIH MOBILE, Orange et moi Maroc, Inwi Money
 
  
 
 
 
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