It will now be possible to make an instant bank transfer in Morocco. Indeed, Moroccan banks are preparing to introduce this transfer system between them, from this month of May.
Scheduled for the first quarter of this year, this initiative will nevertheless have been somewhat delayed. Indeed, at the end of July 2022, during the USA-Africa Business Summit Forum, Bank Al-Maghrib (BAM) had announced its establishment at the end of 2022. But who knows how to wait, time always opens its doors. This small revolution aims to facilitate electronic payments and allows instant and interoperable receipt of bank transfers for individuals and businesses..
It also includes the rehabilitation of banking applications so that they can make all types of payments, including the smallest amounts. Until now, a bank transfer made from one bank to another was usually processed within 1 or 2 days. After the effective launch of this system, a transfer or payment will be made in a few seconds. This technical advance will also allow banking institutions to offer new services to their customers.
But for all that, we must not ignite too quickly, because this system of immediacy of the bank transfer which will be operational next month will be done gradually. Initially, it will be tested on a limited clientele before extending to all, to ensure that everything will work for the best thereafter. This first step in a global strategy to facilitate electronic payments will also involve the rehabilitation of banking applications and greater taxation of cash.
This initiative should facilitate and accelerate financial transactions for the customers. The instantaneous transfer and the possibility of paying instantly by telephone will allow the speed of transactions, which will take only a few seconds to be carried out, to secure them and to limit the issue of cheques. It should also allow customers of Moroccan banks to carry out real-time financial transactions from their smartphones.