Moroccan Banks Grapple with Pricing Instant Transfers as Free Period Ends

What rate for the interbank instant transfer after the end of August while maintaining its accessibility for consumers with diverse financial profiles? This is the reflection that banks are conducting as the end of the temporary free period of the instant transfer approaches. In less than three months, this innovation from Bank Al-Maghrib and the Groupement for a Moroccan Interbank Telecompensation System has shown its importance in the financial modernization of the country. "The instant transfer has quickly become a pillar of financial modernization in Morocco, but its true impact on financial inclusion and the economy as a whole remains to be fully explored. The coming months will see the alignment of tariffs, financial awareness efforts and the responses of various institutions shaping the success and adoption of this innovation," explains a banker to the newspaper Le Matin.

Launched on June 1, 2023, the interbank instant transfer was immediately adopted due to its free period for three months. The ceiling is set at 20,000 dirhams. The instant transfer platform has been developed by the GSIMT as the payment system manager. Compliant with the ISO 20 022 standard and international security standards, it guarantees secure and efficient transactions, thus strengthening user confidence. The instant transfer process takes place in several steps: entry of the beneficiary’s information by the issuer, immediate notification of the execution of the transaction by the issuing bank. This reinforces the convenience of the instant transfer for users.

"In parallel with the instant transfer, other payment solutions have also taken root in the Moroccan financial ecosystem. Electronic wallets such as Naps and Orange Money have emerged as practical alternatives, particularly for transactions between friends and colleagues. However, what distinguishes the instant transfer is its interbank scope and its ability to handle larger amounts," adds the same banker. The instant transfer has the power to transform commercial transactions and boost