Why cash remains the great king in Morocco

According to the magazine Challenge, which reports on the central bank’s findings, payment habits, the weight of the informal sector, and a certain tax distrust maintain the predominance of cash. However, the year 2024 marked a turning point: the tax amnesty provided for in the finance law made it possible to recover nearly 37 billion dirhams in the banking system, slowing the growth of cash in circulation.

While mobile payment still struggles to establish itself in daily commerce - it represents only 0.1% of purchase transactions - it has exploded under the effect of public policies. The outstanding amount of M-Wallets issued by payment institutions has jumped by 32% to reach 13.7 million accounts at the end of 2024.

This dynamic is directly linked to the direct social assistance program. The number of transactions through these wallets has doubled in one year, from 9.7 to 19.7 million operations, for a total amount of 3.9 billion dirhams. The bulk of these flows correspond to the payment and withdrawal of state allowances.

To capitalize on this and encourage the use of mobile beyond just the withdrawal of aid, BAM has activated several regulatory levers. Since October 1, 2024, fees have been capped at 0.65% of the transaction, and their refactoring to the consumer is prohibited. The objective is clear: to reduce costs for merchants and promote the widespread adoption of electronic payment in the real economy.