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Morocco

Morocco

It is true that the COVID-19 pandemic has accelerated the adoption of digital payment methods, including cards and mobile payments, as people try to minimise their contact with physical surfaces to avoid potential transmission of the virus. This has led to a surge in online shopping and the growth of e-commerce businesses. In addition to the convenience and safety offered by digital payments and online shopping, consumers have also been attracted to the wider range of products and services available online, as well as the ability to compare prices and shop from different retailers without leaving their homes. Digital payments in Morocco The trend towards digital payments is likely to continue even after the pandemic subsides, as more people become comfortable with these methods and realise their benefits. This shift towards digital payments also presents an opportunity for businesses to expand their reach and offer new products and services online, as well as to streamline their operations and reduce costs associated with traditional payment methods. According to Statista, the total transaction value in the digital payments segment in Morocco is projected to reach US$5,381.00m in 2023, which represents a significant increase from previous years. This trend is expected to continue in the coming years as more people adopt digital payment methods and e-commerce continues to grow in popularity in the country. As more businesses and individuals realise the benefits of digital payments, we can expect to see even more innovation and advancements in the payment industry in Morocco and beyond.

Currency:
Moroccan Dirham

Top banks

The French banking system is one of the most robust banking systems globally. The banking system in France has built up this stability due to two significant factors: The French banks have a steady loan performance. Over the years, the French banks have ensured they have had enough capital and liquidity.The banking system in France consists of more than 400 banks and includes four main units: the Bank of France, deposit banks, investment banks, and banks providing medium- and long-term loans. The largest banking groups in France (which are also among the top 10 financial groups in the world) are:

Crédit du Maroc (CDM)

Crédit du Maroc (CDM) - is a Moroccan commercial bank founded in 1929. Long owned by the giant Crédit agricole SA.

Banque Marocaine du Commerce Extérieur (BMCE)

Banque Marocaine du Commerce Extérieur (BMCE) - Bank of Africa is a large commercial bank in Morocco, known until 2020 as Banque Marocaine du Commerce Extérieur. According to the company's website, it operates over 697 branches in Morocco.

Attijariwafa Bank Banque Marocaine du Commerce et de l’Industrie (BMCI)

Attijariwafa Bank Banque Marocaine du Commerce et de l’Industrie (BMCI) - the Moroccan Bank for Commerce and Industry or BMCI , is a Moroccan commercial bank , a subsidiary of the French group BNP Paribas , headquartered in Casablanca .

Société Générale (SGM)

Société Générale (SGM) - is one of the main French banks and one of the oldest, created in 1864. Société Générale is the third largest French bank in terms of total assets after BNP Paribas and Crédit Agricole . It is also the sixth largest bank in Europe and the twenty-first in the world 7 . Societe Generale Group (with 1,214 billion euros in assets)

Citibank Maghreb (Citigroup)

Citibank Maghreb (Citigroup) - is a Moroccan commercial and investment bank , founded in 1967 and a subsidiary of the Citibank group .

Top payment methods

Inwi Money

Inwi Money - pay for your purchases in Marjane (Marjane is a Moroccan hypermarket) chain. How does it work? Create an account, deposit money and carry out your operations immediately and safely. You can also withdraw your money in cash at the nearest Inwi money authorised point of sale.

Orange Money

Orange Money enables major market players to accept online payments.It was designed for Web merchants. The Orange Money Web Payment / M Payment service is dedicated to merchants, whether they already possess an e-commerce website or not. These merchants just have to sign up for our solution in an Orange store in their country of business. They must be officially registered retailers. Integration process goes with the API to your website. 3 easy steps: Subscribe to the Orange Money service and accept the Web Payment / M Payment offer conditions;Integrate with API; Bill customers for their purchases via Orange Money.

‍MobiCash

MobiCash - Its first service of money transfer and payment by cell phone with QR code. This service allows you to make payments via your smartphone and through debit and credit cards at selected merchants who accept payments through “Arabi MobiCash” service and provides you with a host of features including:
‍• Simple, fast and a secure modern mobile payment method
• Can be linked to any card type (Visa and MasterCard), and you can add as many cards as you like (credit, debit, prepaid, etc.)
• Environment friendly, No need for printed receipts.
• Provides detailed reports and dashboards of all transactions.
• Account can be set up through the app without the need to visit the Bank.
• Allows customers to pick up the bill from the merchant and pay it without the need of physical presence at the merchant’s site.

Concluding remarks

Here are the summary of the payment habits in Morocco:

Cash

Cash is still the most commonly used payment method in Morocco. Many transactions, particularly in small businesses, are still conducted using cash.Bank transfers: Bank transfers are a popular way to pay bills or transfer money between bank accounts. This method is particularly common among larger businesses and corporations.

Debit cards

Debit cards are widely accepted in Morocco and are commonly used for everyday purchases. Many people use their debit cards to withdraw cash from ATMs.

Credit cards

Credit cards are not as commonly used in Morocco as debit cards, but they are becoming more popular. Some larger businesses, particularly those that cater to tourists, may accept credit card payments. ‍

Mobile payments

Mobile payment systems are becoming increasingly popular in Morocco. Several mobile payment providers like MobiMoney, OrangeMoney, MobiCash that allow users to transfer money using their mobile phones.

For more information contact us: info@processing.news

About us

Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life. 


We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.

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