Bank Al-Maghrib is currently exploring the feasibility of establishing direct instant payment links between Morocco’s national system and Europe’s Instant Payment System (TIPS). This forward-thinking initiative underscores Morocco’s commitment to modernizing its payment infrastructure and enhancing its regional connectivity.
Morocco has already connected its payment systems to the cross-border settlement system of the Arab countries (BUNA). It is also collaborating with other African central banks to create common digital platforms. The goal is to facilitate cross-border payments and promote the use of local currencies.
This announcement comes as Europe prepares to make instant euro transfers mandatory from 2024. The European Commission aims to accelerate payment modernization and foster innovation in the financial sector.
Morocco launched its own instant transfer system in June 2023. This service allows money to be transferred in less than 20 seconds, 24/7, through mobile apps, websites, and bank branches.
Integrating the Moroccan system with regional and European systems would mark a new milestone in the modernization of the Moroccan banking system. It would strengthen Morocco’s economic ties with its regional and international partners while providing citizens and businesses with faster, more efficient, and more secure payment services.
