Fintech & digital payments rules in Morocco (2026)

Payment institutions are governed by Law 103-12, which entrusts Bank Al-Maghrib with exclusive authority to license and supervise credit and payment institutions; operating without the Governor's approval (following the opinion of the Credit Institutions Committee) is prohibited.

Circular No. 5/W/15 (May 20, 2015) implements Article 34 of Law 103-12, setting out documentation for licensing applications. Minimum regulatory capital for a payment institution is MAD 3 million; applications cover governance, business plan, funding, technical systems and risk management, generally processed within four months.

Regulated services include execution of payment orders, issuance/management of payment cards and other electronic means of payment, acquiring, online payment initiation, and issuance of electronic money stored on a device or remote server and accepted as a means of payment.

On Oct. 15, 2025, BAM granted Morocco's first standalone payment-institution license (to B2B startup Chari). In December 2025, BAM published an official guide structuring the fintech consultation, filing and licensing process for the first time.

GSIMT's 'Virement Instantané' instant-transfer system launched June 2023 on the ISO 20022 standard. The national switch (HPS Switch, rebranded SWAM / 'Switch Al Maghrib' in 2025), operated under BAM oversight, interconnects banks and mobile-wallet schemes for interoperable card and mobile payments.

Open banking is not yet regulated — Morocco is only exploring consent-based data-sharing initiatives. BNPL is emerging (e.g. via licensed players like Chari) but has no dedicated framework, sitting under general payments/credit and AML/CFT rules.

Law No. 87.21 (approved May 2026) amends Law 103-12 and the BAM statute (Law 40.17), strengthening licensing rules, supervision, sanctions and the deposit-guarantee/crisis-intervention framework — reinforcing, not replacing, the existing licensing regime.