Bank Al-Maghrib Accelerates the Digital Financial Transformation Towards a Modern and Secure System
Bank Al-Maghrib is intensifying its efforts to support the digital transformation of the national financial sector by collaborating with fintech companies, regulating crowdfunding, and establishing a framework for open banking, in line with the requirements of innovation and financial stability.
In 2024, the bank focused on activating the “regulatory sandbox,” which allows for testing innovative digital solutions under direct supervision. Eight projects were evaluated, five of which moved to the experimental phase, including services in digital payments, account aggregation, and electronic authentication.
The bank has strengthened its partnership with the Moroccan Innovation Center for Finance and maintained regular coordination with business incubators and actors in the digital financial system, aiming to ensure balanced growth of digital offerings in the market.
Crowdfunding platforms saw their initial launch during the same year, receiving eight licensing requests, of which two platforms obtained approval. Bank Al-Maghrib continues to closely monitor this activity in coordination with the Ministry of Finance and the Moroccan Capital Market Authority, ensuring liquidity protection, governance, and anti-money laundering measures while supporting small enterprises and social projects.
The bank launched a new initiative to establish a comprehensive regulatory framework for open banking, designed to enable licensed entities to securely access bank data, with a focus on robust authentication and user consent. This project leverages European experiences and the PSD2 directives while considering the unique challenges of the Moroccan market, which suffers from disparities in digital infrastructure.
Digital banking services recorded significant growth, surpassing 8.3 million payment accounts by the end of 2024, with half opened through payment institutions. Bank Al-Maghrib called for enhanced digital financial inclusion, particularly in rural areas.
In response to rising cyber threats, the bank incorporated a range of new indicators into its prudential supervision framework, including information security and business continuity, alongside advanced systems for crisis management and potential breaches, thereby strengthening the resilience of the financial sector amidst rapid digital transformation.
