Real-time money transfer…a “late” step aimed at improving banking services in Morocco

Real-time money transfer…a “late” step aimed at improving banking services in Morocco

Starting Thursday, June 1, Moroccan banks have begun to approve the simultaneous financial transfer from a customer’s account in a bank to another account opened in a different bank, according to a statement issued by Bank Al-Maghrib, which confirmed that the whole process will not take more than 20 minutes. second.

Until the end of last May, the bank transfer used to take one to two days when the transfer was between two accounts in two different banks, which Bank Al-Maghrib has tried to overcome during the past two years, as it had previously confirmed in July 2022 its willingness to implement this service before the end of the year. That was not done at the time.

The immediacy of banking transactions has been a demand for Moroccan bank customers for years, given its advantages for private individuals and companies. Mustapha Malloui, head of the Moroccan Observatory for Digital Sovereignty, believes that this service would enhance and improve the quality of banking services in the country.

Mallawi confirmed, in a statement to Hespress, that “the delay in the arrival of bank customers with expected amounts only because they have balances in two different banks, previously constituted an obstruction to the interests of individuals and companies.”

At the same time, the spokesman highlighted that this service is free, at least for the first three months, “will contribute to encouraging the use of banking services at the digital level, provided that the necessary protection systems are provided.”

For his part, the financial and economic expert, Al-Tayeb Aais, considered that activating this service, which he described as the “natural right of the customer,” came “too late,” considering in a statement to Hespress that “nothing justifies a customer not receiving a money transfer directly after transferring it from a bank account.” etc”.

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Aais highlighted that banks benefiting from customers’ balances during the so-called “value days” is what delayed the immediacy of money transfers in Morocco, criticizing at the same time setting a price for this service after three months of its implementation, stressing that “it must be free.”

It is noteworthy that Bank Al-Maghrib allowed the banks, after three months, to set the price of this new service – which will be available 24 hours a day, 7 days a week – at the discretion of each bank, and also set a ceiling for it in the amount of 20 thousand dirhams for a transitional period.

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