The recently released third edition of the annual report on the National Financial Inclusion Strategy (SNIF) has unveiled a noteworthy growth in the total amount of ‘M-Wallets’ services provided by banks and performance institutions in Morocco.
The total amount surged from 6.3 million dirhams at the close of 2021 to 7.7 million dirhams by the end of 2022, marking a 25% increase.
The report points out that mobile financial service offerings are expanding, with a total of 22 ‘M-Wallets’ services available by the end of 2022, including 14 services issued by performance institutions.
The share of ‘M-Wallets’ services from performance institutions comprised 73% of the total services, amounting to 5.8 million dirhams by the end of 2022 (up from 4.8 million dirhams in 2021).
Analysis of transaction types revealed that bill payment transactions continued to dominate in volume, followed by person-to-person transfers and merchant transactions.
Transfer transactions through bank account-based ‘M-Wallets’ services accounted for the majority of transaction value, followed by ATM withdrawals and bill payments.
For performance institutions, bill payment transactions constituted the largest portion of total transactions, followed by transfers, merchant transactions, and ATM withdrawals.
Various entities such as Bank Al-Maghrib, the Treasury and External Finance Directorate, and other financial regulatory bodies contributed to the preparation of the report.
