Morocco to Launch Instant Bank Transfers by End of 2022, Central Bank Says

The process of modernizing bank transfers seems to be on the right track. The instant transfer should be launched soon, according to Adil Zbir, head of oversight of financial market infrastructures and payment systems at Bank Al-Maghrib.

Speaking on a panel at the US-Africa Business Summit, held on July 21 in Marrakech, the official stressed that the transfer has positioned itself as the most used means for half of the payments made.

"By the end of 2022, we will launch the instant transfer. Today, the transfer is done on D+1 and we have considered that we need to move towards real time. This is explained by the fact that we have observed that the Moroccan consumer is increasingly fond of the transfer," he specified.