2023-11-28 15:29:48
The mobile payments revolution offers the Moroccan market an unprecedented opportunity for the economy. The adoption of solutions such as M-Wallet and CAM Pay allows users to make fast, cashless transactions, transforming the way Moroccans conduct their daily transactions. This development offers many benefits, from real-time payments to bill settlement and money transfers via a simple smartphone. According to McKinsey Global Institute, Moroccan GDP could increase by more than 1.5% by 2025 thanks to the digitalization of the financial sector.
By promoting the traceability of transactions, the advancement of mobile payments helps fight fraud and tax evasion while promoting the financial inclusion of people excluded from the traditional banking system. However, despite these benefits, there remain challenges, such as the cultural preference for cash and concerns about the security of personal data.
The introduction of mobile payments in Morocco presents several significant economic advantages. First of all, this transition makes it possible to significantly reduce the costs associated with the circulation of cash.
According to the Al-Maghrib Bank (BAM), this currently represents more than 10 billion dirhams per year, or nearly 0.8% of the national GDP. Additionally, cash transactions incur high operational costs for businesses, which creates an additional incentive to opt for electronic solutions. Mobile payments can also drive economic growth by reducing transaction costs, facilitating access to financial services and improving productivity. According to a study by the McKinsey Global Institute, Moroccan GDP could increase by more than 1.5% by 2025 thanks to the digitalization of the financial sector.
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Despite the obvious benefits of mobile payments, Morocco must overcome several challenges to encourage their widespread adoption. Moroccan culture has always attached great importance to cash, which symbolizes trust and security. Therefore, many Moroccans remain reluctant to abandon the use of physical money. Additionally, concerns related to the security and privacy of personal data remain a major concern. To encourage the adoption of mobile payments, the Moroccan government has implemented various measures, including tax incentives and awareness campaigns. The objective is to gradually reduce the share of cash in the national economy by encouraging all economic actors to actively participate in this transformation and by improving the overall performance of the economy.
The rise of bank cards
Initiatives to promote mobile payments have also led to a significant increase in the number of bank cards issued by Moroccan financial institutions. According to the Center Monétique Interbancaire (CMI), nearly 20 million cards have been issued by the end of September 2023, an increase of 4.9% compared to the end of December 2022.
This growth is mainly due to the increase in the number of Mastercard (+9.3%) and Visa (+4%) cards. However, the number of cards with the CMI brand saw a decline of 14.5%, while proprietary cards remained stable. Additionally, ATM deployment increased slightly by 0.2% in the first nine months of 2023, reaching a total of 8,176 devices.
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