Dubbed m-Wallet (e-wallet), this service, which comes to complete online banking, offers to users the possibility to check balance, send money, pay bills, track expenditures, purchase goods and services using mobile phones.
Morocco has a smart phone penetration rate of 130 percent but only 56 percent of adult Moroccans had a bank account at the end of 2017, according to the central bank data.
The new service is expected to reduce cash circulation, enhance transparency and good governance in business and finance. However, the increase in mobile and online banking could reduce the need for bank branches.
According to some experts, promoting e-payments has immediate and long-term benefits for consumers, businesses, and governments.
Consumers can make major savings through digital payments. Banking, sales, and transit operations will be simplified while crimes related to theft of cash will be significantly reduced.
As for businesses, they will also earn higher sales revenue as they can expand their customer base to the web. For their part, governments will gain from the growth of digital transactions thanks to a significant increase in tax revenues due to a better traceability of commercial transactions.