The 11th edition of the "MFC Talks" meetings, organized by the Moroccan Center for Financial Technology (MFC) in collaboration with HPS, took place in Rabat on Thursday. Experts emphasized the need to accelerate the adoption of electronic payment means, citing the country's robust infrastructure and institutional framework. They stressed that Morocco has made significant progress in recent years, but there is still a long way to go in promoting the use of digital payment systems.
According to Hanaa Ibn Idris, General Manager of Switch Morocco, Morocco's electronic payment system has a solid infrastructure and a strong institutional framework. However, these foundations have not yet translated into widespread adoption of digital payment means in the real economy. Ibn Idris noted that 80% of transactions are still cash-based, and the commercial acceptance of digital payment means is limited to 5% of potential traders, with around 60,000 active traders out of a potential 1.2 million.
Morocco established a real-time payment system in 2018, similar to those implemented in other markets, such as the Pix system or Unified Payments Interface (UPI). Ibn Idris highlighted the need for increased awareness and education to promote the adoption of digital payment means. She also emphasized the importance of developing a more comprehensive and inclusive payment ecosystem that benefits all stakeholders.
Fadoua Jouali, Deputy Director of the Payment Systems and Means Department at Bank Al-Maghrib, noted that the central bank has been working to promote competition and innovation in the payment sector since 2014. Jouali emphasized that Bank Al-Maghrib has moved from a regulatory role to a more proactive approach, working with stakeholders to design a system that encourages the adoption of digital payment means and ensures their sustainability.
Mustafa Badr Zamane, CEO of Vantage Payment Systems, highlighted the importance of developing new payment channels to promote the adoption of digital payment means. He emphasized that the economic model should be based on value-added services, particularly in response to the needs of convergence and matching between different flows. Zamane also noted that the development of new payment channels would require a more comprehensive and inclusive approach.
Ismail Belkhiat, Founder and CEO of Chari, presented four instant payment means that have been adopted in Morocco, including instant transfer, card payments, MarocPay, and Fatourati. Belkhiat highlighted the advantages and limitations of each payment method, emphasizing the need for increased awareness and education to promote their adoption. He also noted that accelerating the adoption of digital payment means would require more efforts in awareness-raising, support, and training.
The MFC Talks initiative aims to promote dialogue and collaboration among stakeholders in Morocco's financial technology sector. The meetings provide a platform for experts to share experiences, exchange views, and explore new opportunities for cooperation. By promoting the adoption of digital payment means, Morocco can increase financial inclusion, reduce transaction costs, and boost economic growth.
Key points
- Morocco has made significant progress in developing its payment infrastructure, but more needs to be done to promote the adoption of digital payment means.
