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Fintech & payments regulation in Morocco (2026)

Fintech and digital payments in Morocco: licensing regime.

Morocco operates a clear, in-force licensing regime for digital payments. Under Law 103-12, 'établissements de paiement' (payment institutions) and electronic-money issuance are defined activities requiring prior approval (agrément) from the Governor of Bank Al-Maghrib, with a minimum capital of MAD 3 million. The regime is actively used, BAM granted its first payment-institution license in October 2025 and published a formal fintech licensing-pathway guide in December 2025, though open banking remains unregulated and BNPL has no dedicated framework.

Last verified Official sources first · MethodologyCompare Morocco with other countriesAlso in العربية

Legal framework

Law No. 103-12 on credit institutions and similar bodies (Dahir No. 1-14-193 of Dec. 24, 2014) and Bank Al-Maghrib (BAM) implementing circulars; BAM is the sole licensing/supervisory authority for payment institutions and e-money

Key points: digital payments & fintech in Morocco

  1. Statutory basis & regulator

    Payment institutions are governed by Law 103-12, which entrusts Bank Al-Maghrib with exclusive authority to license and supervise credit and payment institutions; operating without the Governor's approval (following the opinion of the Credit Institutions Committee) is prohibited.

    bkam.ma bkam.ma

  2. Licensing process & capital

    Circular No. 5/W/15 (May 20, 2015) implements Article 34 of Law 103-12, setting out documentation for licensing applications. Minimum regulatory capital for a payment institution is MAD 3 million; applications cover governance, business plan, funding, technical systems and risk management, generally processed within four months.

    bkam.ma moroccoworldnews.com

  3. Scope: payment services & e-money

    Regulated services include execution of payment orders, issuance/management of payment cards and other electronic means of payment, acquiring, online payment initiation, and issuance of electronic money stored on a device or remote server and accepted as a means of payment.

    bkam.ma bkam.ma

  4. Regime actively applied + fintech pathway guide

    On Oct. 15, 2025, BAM granted Morocco's first standalone payment-institution license (to B2B startup Chari). In December 2025, BAM published an official guide structuring the fintech consultation, filing and licensing process for the first time.

    moroccoworldnews.com lafroujiavocats.com

  5. Instant-payment rails & interoperability

    GSIMT's 'Virement Instantané' instant-transfer system launched June 2023 on the ISO 20022 standard. The national switch (HPS Switch, rebranded SWAM / 'Switch Al Maghrib' in 2025), operated under BAM oversight, interconnects banks and mobile-wallet schemes for interoperable card and mobile payments.

    bkam.ma en.7news.ma

  6. Open banking & BNPL gaps

    Open banking is not yet regulated, Morocco is only exploring consent-based data-sharing initiatives. BNPL is emerging (e.g. via licensed players like Chari) but has no dedicated framework, sitting under general payments/credit and AML/CFT rules.

    openbanking.ng thefintechtimes.com

  7. 2026 banking-law update

    Law No. 87.21 (approved May 2026) amends Law 103-12 and the BAM statute (Law 40.17), strengthening licensing rules, supervision, sanctions and the deposit-guarantee/crisis-intervention framework, reinforcing, not replacing, the existing licensing regime.

    moroccoworldnews.com en.hespress.com

Sources

  1. bkam.ma/en/Find-information-about/Regulation/Legal-framework-of-payment-syste
  2. bkam.ma/en/Banking-supervision/Micro-prudential-supervision/Licensing
  3. bkam.ma/Trouvez-l-information-concernant/Reglementation/Systemes-et-moyens-de
  4. bkam.ma/en/Systems-and-means-of-payment/Financial-markets-infrastructure-and-
  5. moroccoworldnews.com/2026/01/274557/bank-al-maghrib-publishes-new-guide-outlining-fintech-
  6. moroccoworldnews.com/2026/05/304245/morocco-approves-new-banking-reform-law-to-strengthen-
  7. en.hespress.com/138256-morocco-passes-banking-reform-law-to-strengthen-crisis-interve
  8. en.7news.ma/hps-switch-rebrands-as-swam-to-lead-moroccos-digital-payment-future/
  9. openbanking.ng/open-banking-in-morocco/
  10. thefintechtimes.com/north-african-nation-of-morocco-and-its-fintech-landscape-in-2026/
  11. lafroujiavocats.com/guide-bank-al-maghrib-2025/

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026