2023-10-28 11:02:10
LThe payment sector is doing well and the figures prove it. Rachid Saihi, Director General of the Interbank Electronic Payment Center (CMI), took advantage of the 8th edition of the Digital Payment Africa Forum, held recently in Casablanca, to recall that electronic banking continues to experience quarters of strong growth. According to him, at the end of September, Morocco had 2.5 million active cards on average per month. A figure growing by 15.7% compared to last year. The monthly transaction volume is up 16.3% to 4.6 billion dirhams for 13 million transactions per month (+20%).
For Rachid Saihi, “if the figures are generally positive, the fact remains that electronic banking in Morocco should experience greater growth due to demographics and the arrival of new native digital consumers who will be more inclined to use these means of payment”. During the first nine months of 2023, the overall electronic banking activity in Morocco experienced a significant recovery, marked by a substantial increase in the total volume of operations compared to the same period in 2022. The figures indicate a growth of 16, 5% of the number of operations and 17.3% of the overall amount. This growth is largely attributed to the strong recovery in activity linked to foreign bank cards.
The total number of bank cards issued by Moroccan issuers in circulation reached 20.0 million, of which nearly 15.9 million are equipped with the contactless function, an increasing trend. The activity of domestic bank cards in Morocco also increased, with an increase of 15.1% in number of operations and 15.3% in total amount. A deeper analysis reveals that payment activity has surpassed that of withdrawals, with a notable increase of 20.3% in number of transactions and 16.3% in total amount. On the other hand, withdrawal activity also experienced growth, recording an increase of 13.3% in number of operations and 15.2% in total amount during the first nine months of 2023 compared to the same period in 2022.
The activity of foreign cards was particularly dynamic, with an increase of 47.2% in number of operations and 46.2% in total amount compared to the same period in 2022. In addition, the activity of foreign cards Moroccans abroad also recorded notable growth, with an increase of 29.1% in number of operations and a significant increase of 45.5% in total amount. The online payment sector maintained its growth trajectory, with an increase of 23.4% in the number of operations and 23.6% in the total amount during the first nine months of 2023 compared to the same period in 2022.
The growing adoption of contactless payment is worth highlighting, with the rate of contactless transactions increasing from 51.0% in number and 28.5% in amount in the first nine months of 2022 to 55.9% in number and 29.9% in amount for the same period in 2023. This trend reflects the growing consumer preference for this faster and more convenient payment method.
Ultimately, electronic banking activity in Morocco in 2023 is characterized by sustained growth across various segments, including domestic cards, foreign cards, online transactions, and the adoption of contactless payment. This trend reflects an evolving payments environment and adaptation to new technologies in the country’s financial sector.
3 questions to Rachid Saihi, CEO of the CMI
Finances News Hebdo: How do you read the sector’s performance?
Rachid Saihi: There are 20 million bank cards in circulation, with 2.5 million cards used per month, or a utilization rate of 12.5%. These figures are certainly growing, but we want the usage rate to increase even more. This would be the true translation of the use of means of payment by Moroccans. This is a challenge for the CMI. But also for the entire ecosystem also made up of partner banks and merchants.
FNH: What are your current projects?
R. S. : We have several, but the main one is Soft POS (Software Point of Sale). This is a project which will be visible in a few months and which will allow us to expand its uses. We believe that a good payment infrastructure requires three elements: trust, the depth of access to reach merchants throughout Morocco and, thirdly, the richness of functionalities. The POS will be put in place with this in mind.
FNH: In the longer term, what are your strategic priorities?
R. S. : The CMI’s absolute priority is to guarantee very high availability services. Next comes operational excellence and innovation. We must provide quality services and a unique customer experience. Innovation is first internal, with the digital transformation of the CMI, and externally, with the implementation of innovative offers, notably ApplePay, BNPL, SOftPos, A2A, etc.
Editor’s note: SoftPOS is a solution that allows merchants to use their smartphone to accept payments from their customers. It is intended to complement the payment terminal offers. So, no more need for payment terminals to validate cards. This can be used for example by taxis.
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