Mobile Payments Saw 25% Surge in Morocco in 2022

Online payments using the M-Wallets services used by Moroccan banks and financial institutions saw a remarkable 25% surge in 2022, according to the third annual National Financial Inclusion Strategy (NFIS) report.

Rabat – Online payments using the M-Wallets services used by Moroccan banks and financial institutions saw a remarkable 25% surge in 2022, according to the third annual National Financial Inclusion Strategy (NFIS) report.

Released on Saturday, the report shows that the total amount of M-Wallets service issued by banks and financial institutions skyrocketed from MAD 6.3 million ($ 622,700) at the end of 2021 to a staggering MAD 7.7 million ($761,100) in 2022. The uptick reflects the rising popularity of digital payments in Morocco.

The report further highlighted the evolving landscape of mobile performance services, with a total of 22 offers for M-Wallets service available by the close of 2022. 14 of said offers originated from financial institutions dedicated to enhancing financial accessibility and convenience for their customers.

Key findings from the report indicated that mobile payment institutions accounted for a substantial portion of the M-Wallets service, representing a significant 73% of the total current services. This translated to MAD 5.8 million ($573,300) in transactions by the end of 2022, compared to MAD 4.8 million ($474,400) at the close of 2021.

Transaction analysis revealed that bill payments dominated in terms of volume, comprising 71% of all transactions executed through the M-Wallets service. This was followed by person-to-person transfers at 22%, and merchant transactions at 7%.

The report equally detailed the transaction structure of M-Wallets services based on bank accounts. It noted that bill payment transactions continued to lead the pack, accounting for 66% of all transactions. This was followed by transfers at 21%, and ATM withdrawals at 12%.

Despite the promising increase, Morocco remains a largely cash-intensive country, with one report released in August 2022 showing that the country is leading the world’s top 20 countries reliant on cash payments in 2022, with 74% of transactions being cash-based.