The mobile wallet—better known as the M-Wallet-is steadily becoming a go-to payment tool in everyday life. Operated directly through a mobile phone, this digital wallet allows users to transfer money, make purchases, receive payments, and check their balance-all without needing a traditional bank account. In Morocco, this form of digital payment has seen a significant surge in 2024, according to the latest report from Bank Al-Maghrib.
This year, the total outstanding value of active M-Wallets reached 13.7 million dirhams, marking a sharp 32% increase compared to the previous year. The growth has largely been driven by specialized payment institutions, which now account for 73% of the market, having issued nearly 10 million wallets by the end of 2024.
Traditional banks are also gaining ground in this space. Wallets issued by banks and those issued by payment institutions saw year-over-year growth of 26% and 35% respectively. This momentum reflects a broader push for financial inclusion, spurred by the increasing number of digital payment accounts.
The total number of payment accounts soared to 13.8 million in 2024, up from 10.3 million in 2023 and just 6.8 million in 2022. Within this ecosystem, level 2 accounts—which strike a balance between ease of use and spending limits—still represent the largest share at 41%. However, their dominance is slowly diminishing as more users upgrade to level 3 accounts, which come with higher transaction limits and expanded services. These now make up 33% of all accounts, a notable rise from 27% the previous year.
This shift toward more advanced digital accounts points to a growing comfort with financial technology among users, alongside an increasing demand for more versatile tools that can support both personal and professional needs. As mobile wallets continue to evolve, they are reshaping the way Moroccans manage their money-offering convenience, accessibility, and a pathway toward broader financial participation.
