Bank Al-Maghrib E-Payment Strategy 2024-2028

An Ambitious Vision for Morocco

Bank Al-Maghrib, Morocco's central bank, launched an unprecedented national electronic payment strategy in 2024. This five-year plan for 2024-2028 aims to profoundly transform how Moroccans pay and to position the Kingdom as a regional leader in digital finance.

This strategy builds on reforms implemented in recent years while marking a significant acceleration. The central objective is clear: increase the share of electronic payments in daily transactions from 20% to 40% by 2028. An ambitious goal that requires the mobilization of every actor in the Moroccan financial ecosystem. For a detailed status report on this transition, read our analysis on Morocco's path to a cashless society.

The Four Pillars of the Strategy

The national strategy rests on four fundamental pillars that structure all planned actions over the 2024-2028 period.

The first pillar concerns interoperability. Bank Al-Maghrib wants all Moroccan payment systems to communicate seamlessly with each other. Whether the consumer uses a bank card, mobile wallet, QR code, or instant transfer, the payment must be accepted everywhere, by all equipped merchants. This interoperability is essential to creating a unified ecosystem and avoiding market fragmentation.

The second pillar focuses on financial inclusion. Today, a significant portion of the Moroccan population remains excluded from the traditional banking system. The strategy provides concrete measures to reduce this exclusion: simplified account opening, development of payment accounts accessible via mobile, and pricing adapted to modest incomes.

The third pillar is innovation. Bank Al-Maghrib encourages the development of new payment solutions, particularly mobile payment, instant payment, and integrated financial services. A regulatory framework favorable to innovation is being established, with regulatory sandboxes allowing fintechs to test new services.

The fourth pillar concerns security and trust. The central bank is strengthening requirements for cybersecurity, personal data protection, and fraud prevention, in line with Bank Al-Maghrib's regulatory framework. The goal is to ensure that payment digitization occurs within a secure framework that inspires confidence among consumers and merchants alike.

Interoperability: The Keystone of the System

Interoperability is arguably the most structural challenge of this strategy. Historically, the Moroccan payment market has suffered from fragmentation. Different networks, different standards, different interfaces: merchants had to juggle multiple systems to accept all payment methods.

Bank Al-Maghrib's vision is that of a unified system where a single terminal suffices to accept domestic and international bank cards, mobile payments, and QR codes. Morocco's national payment switch plays a central role in this architecture by handling the switching and clearing between different actors.

Technical standards are being progressively harmonized to enable this interoperability. Standardized APIs facilitate connections between banks, fintechs, and payment service providers. The merchant benefits from a simplified experience: one contract, one terminal, one statement.

Financial Inclusion: A Major Social Issue

Financial inclusion is at the heart of the national strategy. Morocco has approximately 36 million inhabitants, a significant proportion of whom lack access to a traditional bank account. This financial exclusion particularly affects rural populations, women, and young people.

The 2024-2028 strategy provides several levers to address this. Simplified payment accounts, accessible via a simple mobile phone, offer basic financial services without the constraints of a traditional bank account. Opening conditions are relaxed and fees kept to a minimum.

Expanding the acceptance network is also crucial. The more merchants that accept electronic payments, the more consumers are incentivized to use them. Bank Al-Maghrib plans tax incentives and subsidies to encourage small merchants to equip themselves with payment terminals.

Payment agents constitute another important link. These neighborhood shops serve as access points for financial services in areas where bank branches are scarce. They allow remote populations to deposit and withdraw money, pay bills, and make transfers.

Mobile Payment: The Future of Payment in Morocco

Mobile payment is identified as the primary growth driver for electronic payments in Morocco. With smartphone penetration exceeding 75%, the mobile phone is the most natural channel for democratizing digital payments.

Bank Al-Maghrib has established a specific regulatory framework for mobile payment, defining the obligations of different actors and applicable security standards. Maroc Pay, the national interoperable mobile payment system, is at the center of this ambition.

The goal is for any phone holder to be able to pay at any equipped merchant, regardless of their bank or telecom operator. This vision requires close collaboration between banks, mobile operators, and technology providers.

The Role of the National Payment Infrastructure in the New Ecosystem

Morocco's national payment infrastructure occupies a strategic position in the kingdom's payment ecosystem. As manager of the national card network, it handles the processing, switching, and clearing of card transactions in Morocco.

Under the 2024-2028 strategy, the national payment switch's role is set to expand. The organization is tasked with developing the technical infrastructure needed for interoperability, supporting the rollout of instant payment, and establishing common standards for all actors.

For payment service providers like TKpay, the relationship with the national payment infrastructure is fundamental. It is through this shared infrastructure that transactions are routed, authorized, and cleared. Its evolution toward greater openness and flexibility directly benefits merchants.

Incentives for Merchants

The national strategy includes a set of incentive measures to encourage merchants to adopt electronic payment. These include tax reductions for merchants accepting card payments, partial subsidies for terminal costs for small businesses, and administrative simplification of enrollment procedures.

These incentives are particularly targeted at sectors still heavily dependent on cash: neighborhood retail, markets, fast food, and transport. The goal is to create a virtuous circle where increasing the number of acceptance points stimulates consumer use of electronic payments.

TKpay: Aligned with the National Vision

TKpay fully embraces this national dynamic. Our mission is to make electronic payment accessible to all Moroccan merchants, regardless of their size or sector.

By offering competitive rates, personalized support, and modern management tools, TKpay contributes to achieving the national strategy's objectives. Our platform supports all interoperable payment methods and continuously adapts to the evolving regulatory and technical landscape.

Learn more about our payment terminals and our online payment solutions tailored to your business.

Morocco's payment digital transformation is underway. With Bank Al-Maghrib charting the course and actors like TKpay bringing it to life on the ground, the 2028 objectives are within reach.