The overall outstanding amount of M-Wallets issued by banking and payment institutions increased from 6.3 million dirhams (MDH) in 2021 to 7.7 MDH at the end of 2022, an increase of 25%, according to the third edition of the annual report of the National Financial Inclusion Strategy (SNIF).
The mobile payment activity continues to evolve with 22 M-Wallets offers available on the market, at the end of 2022, including 14 issued by payment establishments, indicates this report prepared by Bank-Al Maghrib, the Treasury and Finance Department (DTFE), the Insurance and Social Security Control Authority (ACAPS), the Moroccan Capital Market Authority (AMMC), the National Federation of Microcredit Associations (FNAM), the Moroccan Foundation for Financial Education (FMEF) and the Professional Association of Payment Institutions (APEP).
The share of M-Wallets issued by payment institutions represents 73% of the total outstanding M-Wallets, or 5.8 MDH of M-Wallets at the end of 2022 (compared to 4.8 MDH at the end of 2021), specifies The report.
Concerning the structure of transactions carried out by M-Wallets issued by payment institutions, bill payments represent, in number, the largest share of transactions carried out, with 71% (compared to 74% in 2021), followed by Mobile to Mobile transfers (22% compared to 19% in 2021) and through merchant payments (7%, similar to the level recorded in 2021).
Merchant payments remain low (only 1%), notes the same source.
The analysis of the distribution in value reveals a predominance of transfer transactions on M-Wallets backed by bank accounts, the share of which rose to 54%, followed by ATM withdrawals (28%) and payments invoices (18%).
For payment institutions, the amount of bill payments represented 60% of transactions compared to 36% for transfers, 3% for merchant payments and 1% for ATM withdrawals.
LNT with MAP
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– 2024-04-28 04:46:49
