Cash in circulation in Morocco rose 15.5% to MAD 513 billion in 2025, even as card payments, instant bank transfers and mobile transactions continued to grow, according to Bank Al-Maghrib’s latest annual report on payment systems.
The increase was twice the 7.6% recorded in 2024, bringing the value of cash in circulation, including banks’ holdings, to the equivalent of 30% of Morocco’s GDP, compared with 28% a year earlier and just over 20% before the COVID-19 pandemic.
Moroccans also withdrew more money using bank cards, with cash withdrawals rising 14% to MAD 460 billion across 450 million transactions, compared with MAD 70.8 billion spent through 230.1 million card payments.
Withdrawals consequently accounted for 87% of the combined value of card withdrawals and payments, up from 86% in 2024, although card payments themselves increased 20% in number and 12% in value.
“The growth of electronic payments has not yet translated into a significant reduction in cash use,” Bank Al-Maghrib said, noting that cash remains widely used for everyday transactions.
The number of noncash payment transactions reached 718 million in 2025, up 15%, while instant transfers climbed nearly 78% to 29 million transactions.
Mobile-wallet activity also increased, with 28 million transactions worth MAD 7.3 billion, compared with 19.7 million transactions worth MAD 3.9 billion in 2024. The central bank attributed much of that growth to direct social assistance payments made through payment accounts.
Yet mobile wallets are still rarely used to pay merchants. Such purchases accounted for just 2% of transaction value through bank-issued wallets and an almost negligible share through wallets issued by payment institutions.
Bank Al-Maghrib acknowledged that the amount of cash in circulation does not measure cash purchases alone, since it also reflects money held as savings or for precautionary purposes.
“Reducing dependence on cash is more a matter of structurally transforming payment habits than an automatic consequence of growth in electronic transactions,” the report said.
The bank has introduced a fund to help merchants accept electronic payments, particularly smaller businesses facing equipment costs and administrative barriers.
Its effectiveness will be measured not merely by the number of payment terminals installed but by whether merchants use them regularly and continue doing so after receiving support.
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