Morocco’s central bank kicks off instant inter-bank payments

Clients of Moroccan banks can now enjoy instant transfers in real time and for free over the next three months, Morocco’s central bank said in a statement.

The time-span for transfers between clients of Moroccan banks would now take no more than 20 seconds provided it is capped at 20,000 dirhams, it said.

The initiative is conducive to efforts aiming at bolstering financial inclusion, promoting digital banking services and reducing the amount of cash in circulation, analysts say.

Morocco has 24 banks operating 6056 agencies and 7940 ATMs across the country, the central bank said in its most recent statistics.

By the end of 2021, Moroccan banks had 31.2 million accounts, up 4.6% compared with 2020, it said.