Payment Institutions in Morocco: List, Licensing and How They Work

What Is a Payment Institution?

A payment institution is a legal entity licensed by Bank Al-Maghrib (Morocco's central bank) to provide payment services. Unlike a bank, it cannot accept demand deposits or grant credit. Its scope of activity is limited to payment services defined by Law 103-12.

In Morocco, payment institutions play a growing role in the financial ecosystem. They are the engines of financial inclusion, mobile payments (Maroc Pay), and transaction digitization. With the rise of fintechs and Banking as a Service (BaaS), understanding the regulatory framework is essential for any business wanting to operate in Morocco's financial space.

The Regulatory Framework: Law 103-12

Overview

Law 103-12, relating to credit institutions and similar bodies, is the foundational text governing banking and payment activities in Morocco. Enacted in 2014, it introduced the payment institution status, allowing non-bank actors to offer payment services under Bank Al-Maghrib supervision.

Authorized Services

Under Law 103-12, a payment institution can offer:

1. Payment services

   • Opening and maintaining payment accounts
   • Executing transfers and direct debits
   • Issuing and managing payment instruments (cards, electronic money)
   • Money transfers

2. Ancillary services

   • Payment data storage
   • Payment transaction execution guarantee
   • Foreign exchange
   • Safe deposit boxes

3. What is prohibited

   • Accepting public funds as deposits
   • Granting credit
   • Investment services

Minimum Capital

The minimum capital required for a payment institution in Morocco varies by authorized services:

Licensed Payment Institutions in Morocco

Here are the main payment institutions licensed by Bank Al-Maghrib in 2026:

Note: this list is not exhaustive. Check the Bank Al-Maghrib website for the official up-to-date list.

Licensing Process

Step 1: Application Preparation

The license application must include:

• Detailed business plan — business model, 5-year financial projections, target market
• Share capital — proof of minimum required capital
• Founder identity — CVs, criminal records, professional references for directors and significant shareholders
• Organization — organizational chart, risk management policy, compliance framework
• Technical infrastructure — IT systems description, security, business continuity plan
• KYC/AML procedures — anti-money laundering and counter-terrorism financing framework

Step 2: Filing and Review

1. Filing — the application is submitted to Bank Al-Maghrib
2. Review — Bank Al-Maghrib examines the application (3 to 6 months)
3. Additional questions — the central bank may request further information
4. Committee opinion — the credit institutions committee issues an opinion

Step 3: Decision

• License granted — the institution can begin operations
• License refused — with a reasoned decision
• Conditional license — subject to meeting certain conditions

Timeline and Cost

• Timeline: 6 to 12 months on average
• Cost: varies (legal counsel, audit, share capital, technical infrastructure)
• Renewal: the license has no expiration but can be revoked for non-compliance

Obligations of Licensed Institutions

Prudential Obligations

• Capital adequacy ratio — maintain a minimum solvency ratio
• Fund segregation — client funds must be segregated and protected
• Reporting — periodic reports to Bank Al-Maghrib
• Audit — annual external audit of accounts

Compliance Obligations

• KYC/AML — identity verification of all clients
• Suspicious activity reporting — reporting suspicious transactions to the UTRF
• Data protection — compliance with Law 09-08 on personal data
• Fee transparency — publication of fees and conditions

Operational Obligations

• System security — PCI-DSS for card data, robust IT security
• Business continuity — continuity and disaster recovery plan
• Customer service — complaint handling within regulated timeframes
• Interoperability — connection to the Maroc Pay system

The Role of Payment Institutions in the Fintech Ecosystem

Financial Inclusion

Payment institutions are the primary vector of financial inclusion in Morocco. With electronic wallets, they enable millions of unbanked Moroccans to access basic financial services.

Infrastructure for Fintechs

Fintechs that don't want to (or can't) obtain their own license rely on licensed payment institutions. This is the Banking as a Service (BaaS) model: the payment institution provides the license and regulatory infrastructure, the fintech builds the user experience.

ChariBaaS (Chari Money SA) embodies this model. As a licensed payment institution, it offers fintechs and businesses:

• Payment accounts under its license
• KYC/KYB compliant with Bank Al-Maghrib
• Card issuing — physical and virtual cards
• Agent network of 50,000+ points of sale
• POS acceptance and online payment

Point-of-Sale Payment

Payment institutions deploy payment terminals (POS) and Soft POS solutions to enable merchants to accept card and QR code payments.

Online Payment

As acquirers or acquirer partners, they facilitate e-commerce payment via payment gateways.

Open Banking and Regulatory Evolution

Toward Open Banking in Morocco

Bank Al-Maghrib is actively studying the implementation of an Open Banking framework in Morocco. This would require banks to open their APIs to authorized third parties, creating new opportunities for payment institutions and fintechs.

2026 Trends

• Open Banking framework — under development by Bank Al-Maghrib
• Embedded finance — non-financial companies integrating payment services via BaaS
• Enhanced interoperability — Maroc Pay evolving to include more services
• New licenses — Bank Al-Maghrib continues to license new actors

How ChariBaaS Can Help

As a payment institution licensed by Bank Al-Maghrib, ChariBaaS (Chari Money SA) is your partner to:

• Launch financial services without obtaining your own license
• Benefit from complete regulatory infrastructure that's fully compliant
• Access a unified API for all payment services
• Leverage a network of 50,000+ points of sale in Morocco
• Move fast — launch your product in weeks instead of months

Explore our services or check our API documentation to get started.

---

Have a fintech project in Morocco? Contact our team to discuss how ChariBaaS can help you launch your service under our license.