The Moroccan Banks Association led by Morocco’s central bank, Bank Al-Maghrib (BAM), has developed a comparator that provides users of banking services with information on the banking rates applied by financial services establishments as well as the value dates relating to a selection of operations and services intended for customers in Morocco.
The value date is the date applied to a bank transaction for the calculation of debit interest or credit interest in the case of a savings account.
The implementation of this comparator is a part of the activities to increase the banking market’s transparency in Morocco and make it easier for the public to access the terms used by different participants in order to foster healthy competition in the interest of the customer.
This new platform is now available to the public in Arabic and French and may be accessed by a web browser on a computer or smartphone.
In accordance with the channel through which they are provided—in an agency, online, and via an ATM—the platform offers bank rates relevant to a list of more than 60 of the most common banking operations and services, as read on BAM’s press release.
The program additionally offers value dates for the eight most popular banking procedures. BAM declared that people are welcome to consult the comparator at no cost.
The platform is being developed with an evolutionary logic, and it will need to be enriched with new processes and services in the future.
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