The British economic intelligence firm Oxford Business Group (OBG) has promoted the digital transformation experienced by financial services in Morocco in a report with the Center monétique interbancaire (CMI) and the Moroccan bank CFG Bank. The report drew up an inventory of Moroccan financial services, based on analyzes and interviews carried out with personalities in the sector such as the Wali Bank Al-Maghrib, Abdellatif Jouahri or the CEO of the CMI, Mikael Naciri.
The report focuses in particular on the developments observed in financial technology and on the acceleration caused by the coronavirus pandemic in the sector. OBG underlines that the creation of a digital financial ecosystem constitutes an important objective of the Moroccan global strategy in order to achieve greater competitiveness and to position itself as a major financial center in the region.
Abdellatif Jouahri underlines in the report that “the measures adopted by the Economic Monitoring Committee have made it possible to considerably ease the financing conditions for businesses and households”. The report also underlines that the coronavirus pandemic has witnessed the rise of digital and internet payments, Morocco having many assets for the development of card payments.
Online payments grew 30% in the first half of 2020, and contactless payments grew 700% during the same period.
Finally, the report develops the three major challenges facing the sector, namely the slow pace of implementation of the proposed infrastructures, the difficult access of start-ups to capital as well as the need to develop the legal and regulatory framework applied to the sector.