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In Morocco, the rate of mobile payment activation remains low at just 10%, while the use of bank cards for digital transactions, though increasing, doesn't exceed 30%, according to Bank Al-Maghrib Managing Director Abderrahim Bouazza.
Despite significant advancements in payment methods, including faster and smoother options like internet payments, mobile payments (introduced in 2017), contactless payments (boosted by the pandemic), and instant transfers (launched in 2023), Bank Al-Maghrib's surveys and data show that cash remains the preferred payment method for most Moroccans.
These trends indicate a shift in payment behaviors, with digital payments recording average annual growth of 13% in volume between 2016 and 2019. This growth has accelerated in recent years to 19%, exceeding the global average of around 13%.
Another notable trend is the decline in check usage, which has fallen from 40% to 6% in 10 years. This decline has been accompanied by a rise in credit transfers (45%) and bank cards (34%).
To further develop digital payments, BAM has implemented a strategic vision with three key objectives: establish more innovative and competitive payment systems, balance innovation with regulation, and integrate the national payment system regionally.
Bouazza emphasized the importance of considering future currencies. Following the lead of other central banks, BAM launched studies in 2021 to explore the potential issuance and management of a Central Bank Digital Currency (CBDC).
The first phase of this project tested retail payments using a digital currency and evaluated functionalities. The second phase, with technical assistance from the World Bank and IMF, aims to produce a proof of concept (POC).
Gitex Africa 2024, will see participation from over 1,500 exhibitors representing more than 130 countries. The event aims to be a hub for discussions on the latest technological advancements.
