A Shift in Morocco's Payment Model
As Morocco embarks on a significant transformation in its electronic payment landscape, the central bank has announced a reduction in interchange fees, effective October 1st. This strategic decision aims to facilitate a transition towards a multi-acquirer model, enhancing competition and financial inclusion across the nation. The new regulation will lower the ceiling on interchange fees for domestic transactions from 0.65% to 0.50% of each transaction's value. This reduction is not just a minor adjustment; it signifies a pivotal shift in the payment policies overseen by Bank Al-Maghrib, the country's central bank. Furthermore, in a bid to support local businesses and government transactions, a preferential rate of 0.15% will be applied to payments made to the government and for local commerce activities, as detailed in the September 29 edition of _Les Inspirations Eco_.
Understanding the Impact of Interchange Fees
To grasp the significance of this policy change, it is essential to understand the role of interchange fees within the payment processing ecosystem. These fees represent the portion paid by the acquiring bank, the institution that directly engages with merchants, to the issuing bank of the card used for the transaction. They are a critical component of the overall costs borne by merchants when accepting electronic payments. The initial capping of interchange fees at 0.65% was introduced in October 2024, following recommendations from the Competition Council, and marks the beginning of an ongoing regulatory transformation in a rapidly evolving market.
This latest fee reduction occurs amid a competitive overhaul within the sector. Following commitments made by the Interbank Monetary Center (CMI) and its banking partners, Morocco has moved away from a historically singular acquirer model. The CMI has shifted its focus from acquisition activities to serve as a neutral technical processing platform. New licensed entities, including dedicated banking subsidiaries and payment institutions, have begun to offer their services since May 2025, creating a more diverse and competitive marketplace.
The transition to a multi-acquirer model is already yielding positive results. A recent assessment conducted by Bank Al-Maghrib in collaboration with the Competition Council indicates that this shift has led to a broader range of commercial offerings and a notable decrease in acquisition fees incurred by merchants. The central bank has actively supported new entrants in enhancing their infrastructure's security and reliability, thereby laying the groundwork for a more dynamic and well-regulated payment ecosystem.
While the new interchange ceiling of 0.50% may not uniformly translate to lower costs for all merchants, the deliberate effort to support small businesses is evident. By setting the interchange fee at 0.15% for local commerce, regulators are specifically targeting segments that have historically been hesitant to adopt electronic payment solutions due to perceived costs. Through a combination of regulatory pricing and fostering competition among operators, the goal is to accelerate financial inclusion and sustainably promote the use of electronic payments throughout the Kingdom of Morocco.
As reported by fr.le360.ma.
