In a significant move to promote electronic payments, the Centre Monétique Interbancaire (CMI) has announced a major reduction in fees for more than 55,000 local merchants accepting card payments. Effective from October 1, 2024, this initiative aims to provide merchants with more favorable pricing while encouraging greater adoption of electronic payment solutions across Morocco.
This decision follows a directive issued by Bank Al-Maghrib on September 25, 2024, which capped the domestic interchange rate at 0.65%. As a central player in Morocco’s payment ecosystem, CMI is fully aligned with this directive, ensuring that these adjustments are implemented effectively for the benefit of affiliated merchants.
Starting October 1, CMI has applied this rate reduction across all relevant merchants, particularly those utilizing its payment acceptance services, including electronic payment terminals, online payment solutions, and Tap to Mobile. Merchants will immediately benefit from lower transaction costs, which are expected to support their business growth.
CMI also reminded merchants that they are strictly prohibited by law from passing commission fees onto customers. Additionally, merchants are not allowed to impose a minimum amount (such as 50 or 100 MAD) for card payments, as this practice is against current regulations.
CMI welcomed Bank Al-Maghrib’s initiative, which redefined interchange fee regulations for domestic transactions. This collaboration reflects a shared commitment to promoting financial inclusion and strengthening Morocco’s electronic payment ecosystem.
“We are pleased with this development. These adjustments will allow us to further invest in payment infrastructure and continue offering more competitive and innovative solutions to our merchants,” said Rachid Saihi, General Director of CMI.
For over two decades, CMI has been a trusted partner to merchants, offering secure and innovative electronic payment solutions. “We will continue to support our merchants in their growth projects while consistently improving the quality of our services,” Saihi added.
CMI remains dedicated to playing an active role in modernizing commerce in Morocco, with the ongoing development of market-adapted payment solutions, such as the recently launched Soft POS in 2024. The company plans to continue innovating and working closely with current and future partners to provide seamless payment experiences for merchants and their customers.
