The immediate bank transfer service in Morocco has been marred by numerous customer complaints since its launch on June 1. Despite the Central Bank’s earlier announcement regarding the availability of this service, users have experienced difficulties in activating it.
Speaking on the condition of anonymity, a knowledgeable source in the financial sector told Hespress that such issues are expected during the initial stages of a new service.
The source emphasized that the current period is a transitional phase, with a three-month timeframe set to address any potential imbalances or disruptions. Technical challenges and the high volume of digital banking services in Morocco have likely contributed to the delays faced by users.
The source, closely following the matter, revealed that the immediate transfer service required an update to the electronic clearing system, which involves various Moroccan banking institutions.
This system is being adjusted to keep pace with ongoing digital transformations and ensure effective management of risks associated with money laundering and terrorist financing. Real-time monitoring of bank transfers necessitates time and meticulous attention.
As of June 1, 2023, the long-awaited real-time bank transfer service has been officially implemented in Morocco. The necessary technical preparations have been completed, marking a significant transformation in the national banking system.
Financial experts anticipate that this measure will usher in a substantial digital change within the banking sector, benefiting both customers and businesses.
A correspondence from the Governor of Bank Al-Maghrib to the President of the Professional Association of Banks in Morocco confirmed that this service will be available free of charge for a three-month period. Bank Al-Maghrib and the Electronic Clearing System Group, comprising Moroccan banks, jointly agreed to launch this service as part of their efforts to modernize the national payment system and diversify electronic payment methods.
Bank Al-Maghrib has allowed individual banks to determine the pricing of this new service. Following the initial three months, banks have the discretion to set their own fees for 24/7 availability, with a transitional cap set at 20,000 dirhams.
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