Morocco’s financial sector, long dominated by traditional players, is quietly undergoing a transformation. Since the country opened its digital payments market in spring 2025, a wave of fintech startups and forward-looking banks has begun reshaping how people think about banking, saving, and borrowing. While this shift has remained under the radar, it’s laying the groundwork for a new financial ecosystem—one that sits at the intersection of technology, finance, and social inclusion.
At first glance, progress appears limited. Fewer than half of Moroccan adults have a bank account, digital wallets are barely used, and cash remains king. But these surface-level stats hide a deeper movement. The launch of the Morocco Fintech Center in January—a joint initiative by the Ministry of Finance and the central bank, Bank Al-Maghrib—marks a key step. This platform aims to support fintech startups, ease regulatory pathways, and expand access to financial services for the millions still outside the formal system.
This is no PR stunt. With roughly 15 million adults unbanked, the challenge of digital inclusion is massive. Deep-rooted distrust of financial institutions, stark digital divides, and the dominance of cash—especially in remote areas—pose serious barriers. In response, authorities are combining regulatory incentives, structured innovation, and targeted fintech engagement to tackle local needs like money transfers, mobile payments, and microcredit.
One of the biggest turning points came in May, when the state-sanctioned near-monopoly on online payments—held by CMI—was officially broken. New players were licensed to handle digital transactions using lighter, more accessible technologies. Cross-border payments, particularly from the Moroccan diaspora, are adding fuel to the shift. These transfers alone account for over 8% of the country’s GDP, making them a key driver of financial modernization.
Another area of reform is the regulation of cryptocurrencies. Banned since 2017, crypto assets may soon be legalized under a new law in development. The central bank is also exploring the launch of its own digital currency (CBDC), which could provide secure access to digital payment systems even for those without traditional bank accounts.
Still, the road ahead is uncertain. Despite high hopes, real-world adoption remains sluggish. Banking rates remain low in rural communities and among women. And while digital finance made a strong showing at the recent GITEX Africa summit in Marrakech, the broader environment is still fragile.
Some promising ideas are emerging. Tailored financial products based on Islamic finance—still underrepresented in Morocco’s fintech scene—could meet a strong but underserved demand. Meanwhile, better integration between diaspora remittances and local investments could unlock new avenues for development. Ultimately, it’s not just about building digital infrastructure; it’s about designing solutions that reflect the lived realities of everyday Moroccans. Without that, even the most advanced technology will fall short of its promise.
