Cashless transactions on the rise in Morocco

Feb 03, 2016

Credit cards are increasingly popular in the country.

In Morocco, cashless transactions increased by 8.9 per cent in terms of number of transactions and 9.3 per cent in terms of value over the past 12 months, according to new figures from the Interbank Electronic Banking Centre (CMI).

Cash withdrawals at ATMs and card payments at merchants and e-merchants reached 277.3 million transactions for a total amount of 240 billion dirhams (€ 22.3 billion) in 2015.

The expansion of the ATM network continued with the installation of 288 new ATMs during the year 2015, with the network now counting 6522 ATMs.

Meanwhile, the number of bank cards in circulation in Morocco increased by 7.4 per cent between January and September 2015, compared with the same period in 2014.

As of September 30th, 2015, 10.7 million Visa, MasterCard and CMI cards were in circulation in the country.

Attitudes are changing in Morocco, where the population is generally reluctant to use bank cards, preferring cash transactions.

In recent years, the government and banks have multiplied efforts to promote electronic means of payment.

The adoption of the EMV security standard and the growth of e-commerce in particular have supported the development of payment cards.ADNFCR-2976-ID-801811685-ADNFCR