The Antitrust Council’s decision in September 2024 put an end to a quasi-monopoly situation in electronic payments, a segment until then dominated by the CMI to the tune of over 97 percent. Officially, the market has been open since May 1, 2025. The CMI, now repositioned as a neutral technical platform, has had to transfer its merchant contracts to the newly-created banking subsidiaries, which are expected to drive this lucrative and integral industry with more fair competition.
In fact, eleven operators now have approval from Bank Al-Maghrib. Other applicants are in the pipeline. Among the new entrants already active: Damane Cash (Bank of Africa), Al Filahi Cash (Crédit Agricole), Lana Cash (CIH Bank) and M2T via Chaabi Payment (BCP). All different faces… but attached to the CMI’s historical shareholder banks, now repositioned via their own specialized entities.
From technical monopoly to market redistribution?
« The real competitor today is not the other operators, it’s the cash »
Among the players already positioned for several months, NAPS has taken the lead. Its acquisition solution, already up and running, enabled it to occupy the field at a time when other operators were still completing their technical and commercial work. CEO Mustapha Habli describes the company’s progress as « encouraging » supported by a multi-channel strategy and positioning in high-potential ecosystems such as education and local authorities.
« The real competitor today is not the other operators, it’s cash », he told TelQuel in June. It’s a reminder that the battle for electronic payments will be fought not just between acquirers, but by the ability to change merchants’ habits.
As for the other operators, they are starting to come out of the woodwork. Damane Cash, with its 4,200 points of service, offers an integrated package including fixed and mobile POS, e-commerce solutions and personalized support. Al Filahi Cash, backed by Crédit Agricole du Maroc, targets rural areas and local retailers, with simple tools and technical support in the field. Lana Cash, backed by CIH’s digital DNA, focuses on transparent pricing and ease of use. As for Chaabi Payment (M2T), it capitalizes on the Chaabi Cash and Tasshilat networks to offer a secure multi-channel solution, accessible to VSEs, SMEs and the self-employed.
Diverse offerings, but still little differentiation
« As soon as a payment is electronic, it becomes traceable. And that still puts off a large proportion of professionals »
While marketing positions diverge, the structure of offers remains relatively homogeneous. All players offer packages combining the rental or sale of VSEs, support services and, in some cases, e-commerce solutions. But the price war, eagerly awaited by retailers, has not yet taken place. Pricing conditions are not always published, and few players communicate truly attractive rates for small businesses.
Many retailers, particularly those operating in the informal or semi-formal sector, remain outside the system. The main obstacle? Tax traceability. « As soon as a payment is electronic, it becomes traceable. And that still puts off a large proportion of professionals », explains Hazim Sebbata, former president of the Professional Association of Payment Establishments (APEP). Added to this are economic factors: the cost of the transaction (often around 1%), and clearing times, sometimes several days, dissuade merchants with low margins.
Limited penetration
The installed base of EFT POS terminals remains marginal compared with their potential. There are some 71,000 of them deployed, a large proportion of them active, for an estimated pool of over two million merchants – legal entities and individuals combined. In other words, less than 5% of merchants are currently equipped with a terminal. A proportion that speaks volumes about the distance still to be covered before payments can be digitized.
But the challenge goes beyond the commercial dimension. Digital payments are struggling to establish themselves in a context where 74% of transactions are still carried out in cash, according to a study by specialist platform Merchant Machine. As long as electronic solutions are not perceived as simple, fast, accessible and tax-neutral, their adoption will remain slow, particularly in local commerce, the professions and semi-informal sectors.
Competition yet to stabilize
The next few months will therefore be decisive. Several operators are finalizing their rollouts, and a new wave of launches is expected. This opening-up could finally activate the expected competitive mechanism. But it also entails risks: price wars, pressure on margins, hegemony of banking subsidiaries over independents.
At this stage, regulation remains crucial. The Competition Council and Bank Al-Maghrib will have to ensure that conditions of access to the CMI’s technical platform remain truly equitable. The legal and economic autonomy of the banking subsidiaries will also have to be closely monitored, to avoid a reconstitution of the monopoly under a new name.
The future of Moroccan electronic payments will not be played out solely in bank offices or around market share tables. It will be played out in local shops, cabs, doctors’ surgeries, grocery stores… where the majority of payments are still made in cash. Convincing these merchants to adopt simple, cost-effective, tax-free digital solutions will be the key.
Written in French by Safae Hadri; edited in English by AngloMedia Group.
