The platform connecting banks with telecommunications operators should be launched in December. 11 licensed financial and telecommunications operators have been approved and the list is not closed.
Mobile payment, called M-Wallet, is officially entering Morocco after almost three years of preparation. Indeed, interoperability between banks and telecommunications companies will continue to run until the end of the month. Using a smartphone, you can make purchases, transfers or payments for bills. The goal, announced by Al-Maghrib Bank (BAM), is to reach 6 million users, 51 000 affiliated merchants and 15 billion transactions a year. Everything on the horizon 2024.
Authorized payment institutions are now 11 years old, as he said on Tuesday in Rabat, at a conference organized by BAM and the National Regulatory Agency for Telecommunications (ANRT) as regulatory bodies. Subsidiaries formed by telecommunications operators are: Maroc Telecom Cash, Orange Money, Wana Money and Barid Cash. Banks include Banque Populaire, BMCE, CIH Bank, Crédit Agricole du Maroc, Wafacash and Societe Generale. Nevertheless, the certification process is not over and we can expect other players to invest in this new market.
Moreover, in addition to the rules of the place, each participant will be free to position his offer and enrich it with additional services at his own choice. Mohamed Horani, CEO of Hightech Payment Systems (HPS), said the standards used to implement interoperability are in line with international standards. He added that the platform will be very safe and will guarantee constant service throughout Morocco. Indeed, this electronic platform must be efficient to absorb rising volumes in the coming years. However, in order to strengthen the launch of this new payment solution, Abderrahim Bouazza, CEO of BAM, expressed the hope that a tax incentive in the form of abolition of stamp duty in the amount of 1 DH for all concerning the national mobile payment will occur in PLF 2019. In his argument he stressed that a national strategy for financial integration is currently being prepared and that such an incentive is in line with its objectives. The mobile payment may intervene in the case of the six cash flows referred to above, payments to the merchant, money transfers and invoice payments. Three objectives have been defined for this payment method, namely "non-cash", that is, the urban population, which to a greater or lesser extent uses cash, "exclusive cash" for the urban and suburban population, as well as rural population who does not have bank accounts. The ideal would be to intercept from 50 to 60 MMDH with 400 MMDH circulating in many payment channels until 2024. The communication strategy and awareness of the benefits of mobile payments will be launched in early 2019. Moreover, he explained to Bouazza BAM, he issued a regulatory decision setting out measures to protect the users of this payment instrument. He added that it is enough to fill in the correspondence table between phone numbers and M's portfolio, so that the ecosystem could start with institutions ready to implement this new instrument in the coming days.
For his part, the president of ANRT Azelarab Hassibi explained that this payment tool covers all the social strata of Morocco, emphasizing the importance of choosing a mobile phone number as a vector of this new solution. which is part of the country's digital strategy. Today, the goal is to limit the use of cash to encourage financial dematerialisation, which promotes better flow management and reduces transaction costs. In Morocco, the number of payments per person per month in bank money (which is 5.5) remains very low compared to the reference indicators. In Mexico, this number is 20, that is 269 in France and 448 in Finland. In Morocco, 82% of transactions using bank cards involve cash withdrawals as well as 76% of interbank checks.
Improving the digital economy
In addition to the benefits for the economy, the dematerialized payment contributes to the development of the digital economy, today the leader of emerging countries. This enables credit institutions to capture more liquidity, reduce administrative costs, reduce financial exclusions, and above all, optimize direct support systems for citizens.