The Moroccan economy is gradually shifting towards embracing virtual transactions with the increased intake in electronic payment activities within the first half of the year 2020 which hits $15.9 Billion, about MAD 148.4 billion. According to the Interbank Electronic Banking Center (CMI) of Morocco, the above figure came from a total of 171.5 million transactions which took place within the period under review. The activities includes cash withdrawal operations on automatic banking machines, payment operations with merchants and e-merchants, ATM payments with bank cards, as well as cash advance operations through Moroccan and foreign bank cards. However, the activities declined by 13.4% in number of operations and 9.6% in amount of funds compared to the first half of last year, a signal of the impact of the Covid-19 pandemic on business transactions.
Moroccan cards recorded 165.5 million transactions in payments and withdrawals. The activity is worth MAD 140.8 billion ($15 billion), representing a decline of 12.2% in number and a decrease of 6.8% in amount. The activities are distributed between withdrawals, payments with merchants and e-merchants, and ATM payments.
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Withdrawals from ATMs using Moroccan cards totaled 130.1 million transactions for MAD 126.8 billion ($13.5 billion) during the first half of the year. The number represents a decline of 15.0% in number of operations and of 7.2% in amount of funds compared to last year. Moroccan card payment transactions with merchants and e-merchants affiliated to the CMI reached 34.2 million transactions for MAD 13.7 billion ($1.5 billion). The number represents a slight increase of 0.9% in number and a decline of 3% in amount.
Payments by Moroccan bank cards include transactions at clothing retailers, gas stations, in the health sector, at appliance stores, and in other sectors. The CTM notice shows that ATM transactions with Moroccan cards for the payment of bills, taxes, and the purchase of communication recharges amounted to 1.1 million operations worth MAD 216.9 million ($23 million). The number represents a 23% decline in number and 14.3% in amount compared to the first half in 2019.
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For Moroccan cards with international validity, about five million operations have been carried out abroad. The activities include withdrawals and payments worth MAD 2.2 billion ($235 million), representing an increase of 16.7% in number and a decrease of 15.7% in amount. Activities of foreign cards in Morocco recorded six million transactions for MAD 7.6 billion ($812 million), representing a decrease of 37.2% in number and 42.1% in amount.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry