Morocco Bank Reports Payment System Progress
The Bank of Morocco's 2025 report focuses on strengthening the resilience and stability of financial market infrastructures, with developments in electronic performance methods, despite ongoing reliance on cash. A new ISO 20022-compliant gross settlement system has been launched, and regulatory and technical operations for the futures market and clearinghouse have been enhanced. Written payment methods, such as cards and mobile phones, have also experienced increased growth. However, the report emphasizes that electronic payments are rising alongside cash, making it particularly challenging to establish electronic performance as a routine part of daily transactions, especially among small traders. As part of the 2024-2028 strategy, the bank is prioritizing encouraging the adoption of digital payment methods by creating a fund to develop electronic payments, expanding the national performance system, continuously monitoring operations, and developing tools to combat fraud. Additionally, in 2025, the Bank of Morocco plans to join the African Payment and Settlement System to promote financial inclusion at the continental level.
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