Electronic Payments: Morocco Plans to Create Acquisition Support Fund for Merchants
Bank Al-Maghrib (BAM) plans to establish, in the short term, an acquisition support fund to encourage merchants to accept electronic payments, announced the Director General of the Central Bank, Abderrahim Bouazza.
"Among the short-term actions to strengthen the payment infrastructure, BAM intends to set up an acquisition support fund to facilitate the acceptance of electronic payments by merchants," Bouazza told MAP, on the sidelines of GITEX Africa Morocco, held from April 14 to 16 in Marrakech.
Noting that digital payment adoption among merchants remains low, he stated that the Central Bank aims to implement incentive measures to encourage their adoption of the electronic payment system.
In the medium term, BAM aims to leverage existing payment platforms to establish a unified instant payment platform offering a more simplified customer experience," Bouazza added.
"The Central Bank is working on implementing more attractive pricing for electronic payments by lowering interchange fees, including those for bank cards, while also considering making cash usage more restrictive in the medium term. These actions will be carried out as part of a broader strategy for the digitalization of payments and fintech development, stemming from a rigorous and thorough diagnostic," he continued.
This strategy encompasses several areas, notably the adaptation of the regulatory framework to establish regulation that is proportionate, flexible, yet prudent enough to manage risks.
Furthermore, BAM DG addressed the issue of cash in Morocco, pointing out that the potential introduction of a digital currency, the "e-dirham," could address certain challenges, but that the project would require considerable time.
"The success of this project would depend on how the public perceives the digital currency. It would need to be as credible and accessible as physical cash," he noted.
Regarding crypto-assets, Bouazza stated that the draft law is currently at the Ministry of Economy and Finance, which is expected to submit it to a Technical Committee to oversee its adoption process. He emphasized that the technologies underlying crypto-assets could be leveraged for the development of digital financial services.
MAP: 16 avril 2025
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