Evolution of banking services in Morocco

Hello Cheryl,

In Morocco, the latest banking technologies such as contactless payments, phone-based payment systems, and QR codes are making their way into the mainstream, albeit at a cautious pace. Contactless payments and phone-based systems bring convenience and speed to transactions, but the cost of faster payments, especially with a recent introduction this year, can be relatively expensive. Additionally, traditional wire transfers within the country still take around three days to process when involving different institutions. Moreover, accessing banking services online, although facilitated by CIH's free banking initiative, often faces technical challenges, impacting its efficiency and reliability.

Emerging payment methods, particularly fintech startups, are gaining ground. However, the potential of these fintech solutions is hindered by limited marketing and educational efforts, which would otherwise encourage a faster adoption rate. This lack of active promotion is often attributed to traditional banks' apprehension towards embracing competition and educating the public about alternative and cost-effective solutions.

Comparing local bank services to international online banking, the latter is seen as a superior option in terms of safety and convenience. Local banks in Morocco are viewed as falling behind their international counterparts in terms of technological advancements and are often perceived as more expensive. Bridging this gap necessitates a substantial educational initiative to demonstrate the advantages of modern banking practices. Despite Morocco's position as a technological leader, there is a significant need for educational campaigns to drive widespread adoption of these advancements.

In summary, the technological landscape is evolving in Morocco, but the full realization of these advancements is hindered by various factors, including cost implications for faster payments, slow regulatory responses, limited marketing for fintech solutions, and a need for extensive public education regarding modern banking options.

Best regards,

Arif Esa

CEO moneyIN Global