Retail Payment Systems
In the OIC Member Countries
64
4.4 Morocco
Highlights:
• The Central Bank Al-Maghreb set an objective of 66% of the population banked by the end
of 2014. Yet, at the end of the review period, the unbanked population in Morocco remained
significant. This was primarily the case amongst the rural population, which accounted for
over 40% of the total in 2013.
• Although 3D Secure was used by a few online retailers from April 2014, most Moroccan
consumers remain cautious when making purchases via the internet. Therefore, The Centre
Monétique Interbancaire and Maroc Télécommerce called on banks to generalise the 3D
Secure system amongst all retail websites to protect consumers.
• Within the overall consumer landscape, payments using financial cards continued to boom
in 2014. Cash payments still dominate, and electronic payments have also seen increased
usage in Morocco, but the usage of retail payments is becoming common, as ownership of
such payments is increasing.
Introduction
Morocco has capitalised on its proximity to Europe and relatively low labour costs to build a
diverse, open, market-oriented economy. In the 1980s Morocco pursued austerity measures
and pro-market reforms, overseen by the IMF. However, despite Morocco’s economic progress,
the country suffers from high unemployment and poverty. In 2011, high food and fuel prices
strained the government’s budget and widened the country’s current account deficit.
According to the World Bank, 39.07% of the population older than 15 have an account at a
formal financial institution. This ratio is higher than the average for the group of lower middle
income countries, where Morocco belongs. The Central Bank of Morocco (BAM) estimated in
April 2012, 52% of the population of Morocco had access to one or more financial services.
According to BAM, access to finance has increased almost 18% since 2010 mostly due to the
inclusion of the accounts of the newly created Postal Bank (Al Barid Bank) formerly La Poste
Financial Services Unit.
General Banking and Payment Landscape
The CGAP-World Bank estimated that Morocco’s number of deposit accounts per 1,000 adults
in 2009 was one of the lowest of the region, and without including, Al Barid Bank´s accounts,
only higher than that of Syria and Yemen. No data are available for credit accounts. However,
in macroeconomic terms, financial deepening in Morocco measured in terms of deposits (81%)
and loans (80%) as a percentage of GDP was average in regional terms.