Moroccan banks are wrapping up the technical preparations required to implement instant bank transfer, which would result in a significant change to the country’s banking infrastructure.
The introduction of immediate bank transfers promises to bring a new level of convenience for both customers and businesses.
The ability to move funds between accounts at different banking institutions instantly could streamline the transaction process and increase efficiency.
Sources close to the matter confirm that the implementation of instant bank transfers is imminent, following last year’s request for approval from Bank Al-Maghrib.
However, there are concerns regarding the electronic clearing system between banks and the need to protect against risks such as money laundering and terrorism funding.
According to official data from Bank Al-Maghrib, bank transfers are currently the most popular method of payment in Morocco, followed by bank card purchases, deductions, and checks.
The introduction of instant bank transfers is expected to further strengthen the position of bank transfers as the preferred payment method in the country’s financial landscape.
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