Morocco: Cashless payments are on the rise

Jul 31, 2012

Card payments and other electronic transactions are on the rise in Morocco despite a troubled economic environment, according to new statistics released by the Centre for Interbank Cashless Transactions (Centre Monétique Interbancaire - CMI).

Card payments and other electronic transactions are on the rise in Morocco despite a troubled economic environment, according to new statistics released by the Centre for Interbank Cashless Transactions (Centre Monétique Interbancaire - CMI).

"The cards issued by Moroccan banks have reached an outstanding amount of 8.4 million cards, 7.3 million of which are under the labels Visa, Mastercard and the national brand CMI", announced the CMI in a statement taken by the newspaper Les Echos.

The number of bank cards in circulation rose by 4.8 percent and transactions through ATMs and payment terminals at merchants are up 19 percent during the first semester of 2012 compared to the same period in 2011.

The data also shows an increase of 32 percent in transactions made with a Moroccan bank card.

These good results are partly due to banks' efforts to deploy their payment infrastructure, with 214 new ATMs installed during the first semester of 2012.

Moreover, the Central Bank has advised the CMI to speed up Point of Sale (POS) Terminals installations at retailers: "We will double our POS installations from 5000 POS a year to 10,000 a year," stated the CMI.

CMI's CEO Mikael Naciri told Le Matin newspaper in May that the CMI will continue in 2012 to encourage traders to adopt credit card payments and to educate bank card holders on the benefits of debit cards as a payment method.ADNFCR-2976-ID-801418635-ADNFCR