Strong Growth of M-Wallets in Morocco in 2024
Mobile Payments in Morocco Reach New Heights in 2024
Mobile payments in Morocco continue to emerge as a key driver of financial inclusion. The figures published by Bank Al-Maghrib in its 2024 report on payment infrastructure showcase a remarkable growth in M-Wallets, particularly fueled by the direct distribution of social aid through payment accounts.
By the end of 2024, the market features 21 M-Wallet offerings, with 12 provided by payment institutions. The overall count has reached 13.7 million M-Wallets, a significant increase from 10.4 million the previous year, marking a 32% growth. Payment institutions alone account for 73% of the volume, with 10 million active wallets recorded in 2024.
Payment accounts are also on the rise, currently standing at 13.8 million units, up from 10.3 million in 2023. Level 2 accounts still dominate the structure, comprising 41%, while Level 3 accounts have surged significantly, increasing from 27% to 33%.
Mobile Payments in Morocco: A Surge in Transactions in 2024
The year 2024 marks a turning point, with 19.7 million transactions conducted via M-Wallets, compared to 9.7 million in 2023. The volume exchanged has reached 3.9 billion dirhams, nearly doubling from the previous year.
According to Bank Al-Maghrib:
93% of transactions originate from M-Wallets issued by payment institutions.
In terms of value, these transactions represent 86% of the total.
This surge can be attributed to a mobilized ecosystem: awareness campaigns, regulatory relaxation, the digitalization of social aid distribution, and strengthened interoperability.
Dominant Uses of Mobile Payments in Morocco
Bill Payments: The Primary Use of M-Wallets
As in 2023, bill payments continue to comprise the majority of transactions:
Mobile-to-Mobile transfers have seen a significant rise, reaching 27% compared to 17% in 2023. Merchant payments, while still modest, are showing signs of improvement.
Value Distribution
For banking institutions:
For payment institutions:
Invoices: 57%
Transfers: 35%
E-commerce in Morocco: Sustained Growth in 2024
E-commerce continues to expand in Morocco. In 2024, it has recorded:
38.5 million operations, +20%
11 billion dirhams, +11%
The central bank emphasizes that this dynamic is linked to the rise in online bill payments, the growth of e-government services, and the lasting transformation of habits since the COVID-19 pandemic.
Moroccans abroad conducted 35.5 million transactions totaling 17.4 billion dirhams, representing a 52% increase in number.
International cards generated 43.5 million operations in Morocco, amounting to 47.8 billion dirhams, reflecting a 14% increase in number.
