Financial cards and payments in 2024: The big picture
Card payment transactions in Morocco are set to continue to increase strongly in both volume and current value terms in 2024, supported by an increase in the banked population, diversified offerings, and the development of payment infrastructures. The industry is also benefiting from improvements in economic conditions, with the drop in inflation encouraging the central bank to reduce the lending rate by 25 points in both June and December 2024, giving some relief to indebted households.
2024 key trends
Although there is growing adoption of financial services in Morocco, most users are in urban areas, leaving rural areas behind, hampered by technological barriers and low awareness. Bank Al-Maghrib (BAM), Morocco’s central bank, and the World Bank have therefore launched the “Douar Tour” initiative to enhance financial inclusion and stimulate economic development and wellbeing in rural areas of Morocco.
More banks are adopting digital payment solutions
Mobile wallet transactions remain dominated by cash transfers, with over 70% of transactions conducted by financial agencies such as Wafacash, Cash Plus, and Barid Cash, of which only 2% of the value is derived from purchasing goods and services. Such conditions are mainly due to restrictive legislation that caps transactions from accounts not requiring ID at MAD200, and limited trust in digital payments in underserved areas, leading to a firm reliance on physical banking services.
Competitive landscape
Société Générale announced it will cede its majority stake to Sahem Group in 2024, with the latter taking over all the activities operated by Société Générale, as well as all client portfolios and employees. The initiative, approved by the central bank in December 2024, followed the acquisition of Crédit du Maroc by Holmarcom in 2022.
What next for financial cards and payments?
Card payment transactions are expected to continue to rise strongly in Morocco in the forecast period in both volume and current value terms, with double-digit CAGRs anticipated. Financial cards will continue benefiting from improvements in socioeconomic conditions in the country, whilst the growing population will give more room for expansion in the number of cards in circulation.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in Morocco with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Financial Cards and Payments industry in Morocco, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Financial Cards and Payments in Morocco report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Financial Cards and Payments in Morocco?
- What are the major trends key to understanding Financial Cards and Payments in Morocco?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Financial Cards and Payments in Morocco - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
More banks are adopting digital payment solutions
Competitive landscape
What next for financial cards and payments?
DISCLAIMER
Credit Cards in Morocco - Category analysis
KEY DATA FINDINGS
Credit cards remains significantly underpenetrated
Talaty bets on technology to support underserviced SMEs
Central Bank backs BNPL service provider Alya
Diversified offering could give credit cards room for expansion
Credit cards could benefit from secondary market in non-performing loans
Expansion of scope of fintechs could affect demand for commercial credit cards
Debit Cards in Morocco - Category analysis
KEY DATA FINDINGS
Debit cards benefits from the expansion of financial inclusion
Banks expand offerings in digital wallets
Mastercard gains traction through strategic partnerships
Debit cards will continue benefiting from rising financial inclusion
New regulations to transform the cards payment landscape
Exit of French banks gives room for expansion
Pre-Paid Cards in Morocco - Category analysis
KEY DATA FINDINGS
Pre-paid cards faces intensified competition from other payment methods
Al Barid Bank repositions its offerings to attract young consumers
Royal Air Maroc launches a co-branded card with Visa
Pre-paid cards will benefit from diversification
Al Barid Bank set to consolidate its lead despite the intensified competition
Opportunities remain for pre-paid cards, if players can keep up with debit cards
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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