Starting June 2023, Morocco will introduce a new service called “Instant Bank Transfer.” This service allows individuals to transfer money in less than 20 seconds from their bank account in one bank to another account opened in a different bank.
Previously, a bank transfer between two accounts in different banks would take one to two days. The introduction of instant bank transfers will address the issue of delayed remittances, which will have a positive impact on both businesses and individuals.
According to a statement released by the state’s Bank Al Maghreb (Bank of Morocco), this service is part of their efforts to modernize performance systems and was announced in conjunction with the Moroccan interbank electronic clearing system group.
During an initial transitional period, instant bank transfers will be limited to a maximum amount of 20,000 DH ( approximatly $2000) and will be available free of charge to individual customers for three months. After this period, the pricing for the service will be determined by each bank.
Bank Al Maghreb announced that the instant bank transfer service will be accessible 24/7, as it has been established by the Moroccan interbank electronic clearing system group, responsible for managing the performance system, including automated processing, clearing of exchanges, and written means of performance (excluding bank cards). The bank further stated that this platform adheres to the international messaging standard ISO 20022 and meets the highest international security and service continuity standards.