Bank-Al-Maghrib: instant bank transfers start on June 1

It’s official: after months of waiting, instant bank transfers are now operational. From June 1er , instant operations will be generalized, announced Bank-Al-Maghrib, in a press release. The decision was notified to the Groupement Professionnel des Banques du Maroc (GPBM) in a letter sent by BAM CEO Abdelatif Jouahri, 
“As part of the objectives aimed at modernizing payment systems, Bank Al-Maghrib and the Groupement pour un Système Interbancaire Marocain de Télécompensation (GSIMT) announce the launch, on June 1, 2023, of the instantaneous interbank transfer”, the statement said.   

This payment instrument will be available free of charge for the first three months from the launch date. Thereafter, the service will be charged to users. “The instant transfer is capped for a transitional period at an amount of 20,000 dirhams and will be offered free of charge to “Individuals” customers for three months. After this period, it will be charged at the discretion of each bank”, explains the same source, adding that “This new electronic payment service allows any person to transfer money, in less than 20 seconds, from his or her account held at one bank to another account opened at another bank”. 

In his letter to the GPBM, Abdellatif Jouahri called for long-term pricing formulas.  Pricing is justified by the cost of developing this service. 
As a reminder, the generalization of instant transfers allows, through a simple application, to quickly transfer money between different accounts regardless of the bank establishment of the recipient account.   

Bank-Al Maghrib reminds that the instant transfer service is available every day of the week 24 hours a day by digital means and during the opening hours of the bank branches for the operations which are carried out at the level of these branches  

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