Morocco Launches Instant Interbank Transfers, Free for 3 Months

This new electronic payment service allows any person to transfer money from their account in one bank to another account opened in another bank in less than 20 seconds, according to a press release from BAM. During a transitional period, the service will be capped at an amount of 20,000 Moroccan dirhams (DH) and will be offered free of charge to individual customers for three months. After this period, each bank will have the discretion to set the fees. The service will be available 24/7.

The operation of instant transfers involves several steps. The sender provides the beneficiary’s identity, their bank account details (RIB) and the amount to be transferred. The beneficiary’s bank confirms receipt of the transfer and instantly credits the beneficiary’s account with the amount received. The sender’s bank immediately informs its client of the execution of the transaction. To provide more details on the operation of this new service, Bank Al-Maghrib has published this explanatory video.

https://youtu.be/lMK2MKJap0A