Morocco Records Record Growth in Card Payment Transactions in 2024
Transactions made through bank cards in Morocco experienced significant growth in 2024, with a total value reaching 63 billion dirhams, marking an 11% increase compared to 2023. The number of transactions also rose by 17%, reaching 192.5 million operations, according to the annual report from Bank al-Maghrib on financial market infrastructure and payment methods.
The report indicated that card payments, including ATM withdrawals and online transactions, were the main driver of this growth, with a rising dependence on contactless payment solutions accounting for 74% of all electronic payment transactions, up from 57% in 2023. Additionally, online payment transactions surged by 20% in number and 11% in value, reaching 38.5 million transactions worth 11 billion dirhams, driven by the development of digital bill payment services and the expansion of government electronic payment operations.
Despite this expansion, cash withdrawals via cards continued to see a slight decline, with a 0.3% decrease in the number of transactions, totaling 401 million. However, their value rose by 1.1%, reaching 403 billion dirhams.
The report highlighted that domestic transactions by Moroccans accounted for 32.4% of the total number of transactions and 13.6% of their value. Meanwhile, international transactions using foreign cards in Morocco saw an increase of 58% in number and 43% in value, totaling 38.3 million transactions worth 41.7 billion dirhams. Moroccan transactions abroad rebounded to pre-pandemic levels, rising by 52% in number and 37% in value, totaling 35.5 million operations valued at 17.4 billion dirhams.
The report also noted that the Moroccan payment systems (SRBM) saw an increase of 16% in payment orders from direct participants, rising from 328,698 in 2023 to 381,039 in 2024. However, the total value of these operations fell by 6% due to a decline in interbank transfers. Transfers to customer accounts increased by 27% in number and 7% in value, reaching 279,593 orders valued at 2.696 billion dirhams, while the total volume of settlements stood at 19.316 billion dirhams, reflecting a 6.4% increase, driven by operations related to repurchase agreements within the ‘Wadi Al-Marklar’ mechanism.
The report emphasized the enhancement of payment security through the evaluation of new products, field supervision, and regulatory measures to accelerate the adoption of electronic payments. It also outlined the development of a unified governance model and the framework for settlement commissions to ensure fair pricing and sustainable dynamics. Furthermore, it highlighted support for a national digital finance industry through the Morocco Fintech Center, which brings together financial institutions, startups, and investors to foster innovation and develop an integrated financial ecosystem.
The report reflects the ongoing dynamics of digital transformation in the Moroccan financial sector, bolstering confidence in electronic payments and enhancing the resilience and stability of financial market infrastructure, thereby supporting the national economy and stimulating financial innovation.
