Morocco: Bank cards up 7.4 per cent so far this year

Nov 17, 2015

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

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, according to new figures from the Moroccan interbank electronic banking Centre (MIC) seen by Ecofin agency.

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

During the first nine months of 2015, ATM withdrawals accounted for about 89.7 per cent of transactions by credit card, according to the CMI.

Payment transactions represented 10.3 per cent of total transactions, amounting to 10.9 billion dirhams (€ 1 billion), which is up 19.9 per cent over the same period in 2014.

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-801805858-ADNFCR