Surge in instant bank transfers: 9 billion dirhams moved in 3 months

Morocco has seen a remarkable surge in the use of instant bank transfers since its launch just three months ago, with transactions totaling almost 9 billion dirhams, according to data obtained by Hespress AR. 

The Moroccan public has embraced this technological leap with an average of approximately 46,000 daily instant bank transfers being conducted. Peak days even witnessed a staggering 123,000 transactions.

Data from The Group for a Moroccan Interbank Clearing System (GSIMT) reveals that the daily average amount moved through this service in the past quarter amounted to approximately 146.3 million dirhams, with the highest daily volume surging to around 354.9 million dirhams.

Moroccan banks have begun to implement fees for instant bank transfers, typically ranging from 10 to 25 dirhams, depending on each bank’s pricing policy. 

Similar pricing structures have been applied to standard bank transfers, which typically take one to two days to complete.

According to official data from the Bank Al-Maghrib, bank transfers have now become the preferred method of payment in Morocco, surpassing card payments and deductions, while checks have slipped to fourth place in terms of popularity.

This new instant transfer service operates round the clock, seven days a week, providing accessibility and convenience to users at all hours. 

The system is effectively managed by GSIMT, overseeing the automated processing of exchanges and written performance, excluding bank card transactions.

Back in early June, the Bank of Morocco and GSIMT introduced this innovative instant bank transfer service. Initially, it was offered as a free service for three months, ending on August 31.

This new banking solution, celebrated for its remarkable speed, enables individuals to seamlessly move money from their accounts in one bank to another in less than 20 seconds, in contrast to the traditional one to two days required for transfers between different banks.