Bank Al-Maghrib announced on Wednesday that it is imposing a regulatory cap on domestic card transfer fees, limiting them to 0.65% of the transaction value in a bid to boost electronic payments and protect consumers, according to a statement issued by the Bank.
The new regulation governs the fees charged to merchants by banks and payment institutions for processing credit and bank card payments in Morocco. Under the rule, the proportion of fees banks can collect from these transactions will be subject to certain limits.
Merchants will be prohibited from passing these fees on to consumers, a move intended to prevent any impact on the prices of goods and services.
The decision is part of Bank Al-Maghrib’s broader strategy to enhance the security of payment systems and further the adoption of digital payments across Morocco’s economy.
The caps are intended to provide relief to merchants while supporting the growth of the digital payment market in Morocco.