The Moroccan Monetary Centre (CMI) has issued a report showing that the number of online payments transactions has jumped by 36% over 2021.
Figures from the Interbank Electronic Banking Centre (CMI) show a 36% increase in the number of online card payment transactions carried out by sites of billers and merchants affiliated to the CMI, comparing the first half of 2021 and the first half of 2022. The total value of such transactions rose by 21.3 % over the same period, to USD 440 million (MAD 4.6 billion) in the first half of 2022.
Mastercard’s New Payments Index 2022 shows that Moroccans, especially those from Gen Z, are increasingly exploring digital payment solutions such as BNPL and digital cards. 3 in 4 have experimented with at least one emerging payment method in the past year, and 11% use less cash. Over half trust mobile payment apps.
A 2021 report by thinktank Consultative Group to Assist the Poor (CGAP) shows that while 80% of Morocco’s transactions still use cash, the country has emerged as the third-largest fintech hub in the 22-country Arab League, ranking behind only the UAE and Egypt.
Morocco forms part of a larger trend in the favour of ecommerce in the Middle East and North Africa (MENA) region. Mastercard research found that 73% of consumers in the region are shopping online more since the onset of the pandemic. A McKinsey survey of payment practitioners reveals an estimated 10-20% jump in the non-cash payments across the region, and the expectation that 90% of its consumers will continue using digital payments.
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