Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Bank Al-Maghrib agrément, including banking and payment rails.
Get a payment license in Morocco.
Morocco licenses payment institutions under Loi 103-12 on credit institutions, with the working detail in Bank Al-Maghrib's Circulaires 6/W/2016 and 7/W/16, both amended again on 20 December 2024. An établissement de paiement offering the payment services of Article 16 needs MAD 10,000,000 of capital; a company licensed only for fund transfers needs MAD 6,000,000. The Wali of Bank Al-Maghrib grants or refuses the agrément within four months of a complete file, after the opinion of the Comité des établissements de crédit. Eighteen payment institutions held the licence at the end of 2024 and twenty in 2025. We run the file from Madeira, in French.
27 yrs
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Licenses obtainedlicenses obtained
Updated
Morocco in brief
One banking law, two circulars, and four months from a complete dossier.
Loi n° 103-12 relative aux établissements de crédit et organismes assimilés, promulgated by Dahir 1-14-193 of 24 December 2014 and amended in July 2021, holds the whole architecture. Article 15 defines what an établissement de paiement may do and allows it to run exchange operations alongside the payment business. Article 16 lists the services: fund transfers, cash deposits and withdrawals on a payment account, remote payment execution as an intermediary, and direct debits, card payments and transfers on payment accounts. Article 17 ring-fences client money. Article 34 governs the agrément - Bank Al-Maghrib assesses the quality of the project, the technical and financial means behind it, the honourability and experience of the founders and managers, and the capital links between shareholders - and paragraph 5 gives the Wali four months from receipt of the full document list to notify an agrément or a reasoned refusal, which is then published in the Bulletin officiel. Article 35 requires a société anonyme or a SARL, and Article 36 makes a foreign branch allocate a dotation at least equal to the minimum capital. The two operating circulars, 6/W/2016 on the conditions and 7/W/16 on how the services are provided, were both amended on 20 December 2024.
The capital figure sits outside the law, in Circulaire 20/G/2006, whose Article 2 bis - added by Circulaire 8/W/2016 - sets MAD 6,000,000 for a company licensed exclusively for fund-transfer operations and MAD 10,000,000 for one offering the payment services of Article 16, with own funds held at that level at all times. Client money goes into a compte de cantonnement at a bank no later than the next business day: global, separate and individualised, immune from set-off by that bank and from attachment by its creditors, and repaid to the holders if the institution is wound up. Payment accounts come in three levels under Article 9 of Circulaire 7/W/16 - MAD 200 on a mobile number alone, MAD 5,000 against an identity document, MAD 20,000 on full know-your-customer - with the ceilings lifted for agent and merchant accounts and no debit balance permitted. A transfer may not exceed MAD 80,000 per operation and per beneficiary. Bank Al-Maghrib counted eighteen payment institutions at the end of 2024 and twenty in 2025, one of them transfer-only, holding 9.4 billion dirhams of assets between them. Corporate tax is 20%, or 35% above MAD 100,000,000 of net profit, and 40% for credit institutions and organismes assimilés.
Loi 103-12 on credit institutions with Circulaires 6/W/2016 and 7/W/16, both amended on 20 December 2024. Capital under Article 2 bis of Circulaire 20/G/2006: MAD 10,000,000 for the payment services of Article 16, MAD 6,000,000 for a company licensed only for fund transfers. Société anonyme or SARL under Article 35.
Client funds in a compte de cantonnement by the next business day, beyond the account bank's creditors. Payment accounts at MAD 200, 5,000 and 20,000; transfers to MAD 80,000. Four months from a complete dossier. Twenty institutions in 2025. We run it from Madeira, in French.
The routes
The full agrément, or the transfer-only version.
Bank Al-Maghrib licenses one kind of institution with two capital figures behind it. The scope you ask for decides which, and it is fixed in the agrément rather than left open.
The full agrément on MAD 10,000,000, or the transfer-only version on MAD 6,000,000.
01 - ÉTABLISSEMENT DE PAIEMENT
Payment institution on MAD 10,000,000
The agrément to offer one or more of the payment services listed in Article 16 of Loi 103-12, on MAD 10,000,000 of capital under Article 2 bis of Circulaire 20/G/2006, granted by the Wali of Bank Al-Maghrib after the opinion of the Comité des établissements de crédit.
The agrément to offer one or more of the payment services listed in Article 16 of Loi 103-12, on MAD 10,000,000 of capital under Article 2 bis of Circulaire 20/G/2006, granted by the Wali of Bank Al-Maghrib after the opinion of the Comité des établissements de crédit.
- ✓Transfers, payment accounts, cards, direct debits, remote payments
- ✓Capital MAD 10,000,000, held as own funds at all times
- ✓Société anonyme or SARL (Article 35(2))
- ✓Client funds in a compte de cantonnement by the next business day
- ✓Payment-account levels of MAD 200, MAD 5,000 and MAD 20,000
- ✓Four-month decision from a complete file (Article 34(5))
02 - TRANSFER-ONLY AGRÉMENT
MAD 6,000,000Licensed exclusively for fund transfers
The narrower agrément for a company that does nothing but transfer funds, on MAD 6,000,000 of capital. One of the twenty payment institutions Bank Al-Maghrib counted in 2025 holds this version.
Transfer-only: MAD 6,000,000 of capital, transfers capped at MAD 80,000 per operation, the same forms and the same four-month clock.
- ✓Fund-transfer operations only
- ✓Capital MAD 6,000,000 (Article 2 bis of Circulaire 20/G/2006)
- ✓Société anonyme or SARL, the same as the full agrément
- ✓Transfers capped at MAD 80,000 per operation and beneficiary
- ✓Agent networks, bank branches among them, working for the institution
- ✓Exchange operations available under Article 15
Costs and timelines are confirmed for your case before any work begins. Bank Al-Maghrib does not publish a fee for the agrément, so the charges we can evidence, the capital, the cantonnement arrangements and substance are itemised in your quote.
Why Morocco
A four-month statutory answer, at a fraction of Egyptian capital.
Morocco has 36,828,330 people, a mobile payment switch of its own and twenty licensed payment institutions. The rules are in French, printed, and were refreshed in December 2024.
✓
A statutory four months
Article 34(5) gives the Wali four months from receipt of the complete document list to notify the agrément or a reasoned refusal, which is then published in the Bulletin officiel.Article 34(5), from a complete file.
✓
Capital at MAD 6M or 10M
Article 2 bis of Circulaire 20/G/2006 prints both figures: MAD 6,000,000 for a transfer-only company, MAD 10,000,000 for the full Article 16 service list.MAD 6,000,000 or MAD 10,000,000.
✓
Client money that survives the bank
The compte de cantonnement is immune from set-off by the account bank and from attachment by its creditors, and is repaid to the holders in a liquidation.Client funds beyond the bank's creditors.
✓
A three-level payment account
MAD 200 on a mobile number, MAD 5,000 against an ID, MAD 20,000 on full KYC - a tiered onboarding path written into Circulaire 7/W/16.MAD 200, 5,000 and 20,000.
✓
Twenty institutions
Eighteen payment institutions at the end of 2024 and twenty in 2025, holding 9.4 billion dirhams of assets. A market with room in it.Eighteen in 2024, twenty in 2025.
✓
Circulars refreshed in December 2024
Circulaires 1/W/2024 and 2/W/2024 of 20 December 2024 amended both operating circulars, so a file built now is built to the current text.Amended on 20 December 2024.
How it compares
How Morocco differs from the routes around it.
Morocco asks for less capital than Egypt and answers faster, then charges credit-institution tax. The honest comparison is below.
Morocco vs other jurisdictions
| Feature |  Morocco | Other jurisdictions |
|---|---|---|
| Capital | MAD 10,000,000 · transfer-only 6,000,000 | TND 5,000,000 Tunisia · EGP 10M-500M Egypt |
| Decision clock | Four months from a complete file | Four months Tunisia · 90 + 90 days Egypt |
| Client funds | Compte de cantonnement by next business day | 2% bank guarantee in Egypt |
| Corporate tax | 20% · 35% above MAD 100M · 40% assimilés | 20% Tunisia · 22.5% Egypt · 30% Türkiye |
Capital
MoroccoMAD 10,000,000 · transfer-only 6,000,000
Other jurisdictionsTND 5,000,000 Tunisia · EGP 10M-500M Egypt
Decision clock
MoroccoFour months from a complete file
Other jurisdictionsFour months Tunisia · 90 + 90 days Egypt
Client funds
MoroccoCompte de cantonnement by next business day
Other jurisdictions2% bank guarantee in Egypt
Corporate tax
Morocco20% · 35% above MAD 100M · 40% assimilés
Other jurisdictions20% Tunisia · 22.5% Egypt · 30% Türkiye
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Morocco | Établissement de paiement (BAM) | 20/35% · 40% assimilés | MAD 6M / 10M · 4 months |
 Egypt | PSP A/B · PSO (CBE) | 22.5% · VAT 14% | EGP 10M-500M · 90 + 90 days |
 Tunisia | Établissement de paiement (BCT) | 20% · 4% sector levy 2026 | TND 5,000,000 · 4 months |
 Türkiye | PI / EMI (CBRT) | 30% payment sector | TRY 20-105M equity |
MoroccoLicense typeÉtablissement de paiement (BAM)
Taxation20/35% · 40% assimilés
RequirementsMAD 6M / 10M · 4 months
EgyptLicense typePSP A/B · PSO (CBE)
Taxation22.5% · VAT 14%
RequirementsEGP 10M-500M · 90 + 90 days
TunisiaLicense typeÉtablissement de paiement (BCT)
Taxation20% · 4% sector levy 2026
RequirementsTND 5,000,000 · 4 months
TürkiyeLicense typePI / EMI (CBRT)
Taxation30% payment sector
RequirementsTRY 20-105M equity
Before you apply
Requirements for the Bank Al-Maghrib agrément.Requirements for the agrément.
The law sets the form, the clock and the ring-fence; Circulaires 6/W/2016 and 7/W/16 set the conditions and the operating duties. The checklist below is what a passing dossier contains.
01
A société anonyme or a SARL under Article 35(2) of Loi 103-12, or a foreign institution's branch with a dotation at least equal to the minimum capital under Article 36.
02
Capital of MAD 10,000,000 for the Article 16 payment services, or MAD 6,000,000 where the agrément covers fund transfers only, under Article 2 bis of Circulaire 20/G/2006.
03
Own funds kept at or above that level at all times, under Article 4 of Circulaire 6/W/2016 and Article 37 of the law.
04
A project Bank Al-Maghrib can assess under Article 34(2): its quality, the technical and financial means behind it, the honourability and experience of founders and managers, and the capital links between shareholders.
05
A statutory auditor approved by Bank Al-Maghrib under Article 3 of Circulaire 6/W/2016.
06
An internal control system under Article 5 of that circular and Article 77 of the law, with AML/CFT arrangements under Article 6 and Article 97.
07
Information-system security, traceability and real-time processing under Articles 7 and 8, with records kept at least ten years under Article 17 of Circulaire 7/W/16.
08
A compte de cantonnement opened at a bank, receiving client funds no later than the business day after they arrive, global, separate and individualised.
09
Payment-account ceilings applied by level - MAD 200, MAD 5,000, MAD 20,000 - with no debit balance and transfers capped at MAD 80,000 per operation and beneficiary.
10
The complete document list fixed by circulaire, since the four-month clock in Article 34(5) runs from its receipt and not from the first filing.
01
Société anonyme or SARL (Article 35(2)).
02
Capital MAD 10,000,000, or 6,000,000 transfer-only.
03
Own funds at that level at all times.
04
Project, means and managers assessed (Art. 34(2)).
05
Statutory auditor approved by BAM.
06
Internal control and AML (Arts 5-6).
07
IS security, traceability, real time.
08
Compte de cantonnement at a bank.
09
Account levels and the MAD 80,000 transfer cap.
10
The complete document list, in French.
Reflects Loi 103-12 (Dahir 1-14-193 of 24 December 2014, amended in 2021), Circulaires 6/W/2016 and 7/W/16 as amended by 1/W/2024 and 2/W/2024 of 20 December 2024, and Circulaire 20/G/2006 as amended by 8/W/2016.Loi 103-12 (Dahir 1-14-193); Circulaires 6/W/2016, 7/W/16, 1/W/2024, 2/W/2024; Circulaire 20/G/2006 as amended by 8/W/2016.
How it works
From first call to the Bulletin officiel.
01
Scope and strategy
Full payment services on MAD 10,000,000 or transfer-only on MAD 6,000,000 - scope, capital and budget fixed in writing.Full services or transfer-only.
02
Company and capital
SA or SARL formed, capital subscribed and paid, shareholders and managers documented for Article 34(2).SA or SARL, capital paid.
03
The dossier
The complete document list in French, since Article 34(5) counts four months from receipt of all of it.Complete document list in French.
04
Review and committee opinion
Questions answered, then the opinion of the Comité des établissements de crédit before the Wali decides.Comité des établissements de crédit.
05
Agrément and launch
The decision published in the Bulletin officiel, the cantonnement account opened, and the first services started.Published in the Bulletin officiel.
Quick facts
RegulatorBank Al-Maghrib
LawLoi 103-12 · Circ. 6/W/2016 · 7/W/16
LicenceÉtablissement de paiement
CapitalMAD 10,000,000 · transfer-only 6,000,000
Client fundsCompte de cantonnement
DecisionFour months (Article 34(5))
Register20 payment institutions in 2025
Corporate tax40% organismes assimilés
Bank Al-Maghrib does not publish a fee for the agrément, and the four months run from a complete dossier. The document list is the schedule.
Your Morocco desk
Run from our North Africa desk, in French.
Prifinance - North Africa desk
Madeira · coordinating Moroccan mandates in French
Rua da Alegria 31, 1F, Madeira
01
Moroccan company formation
A société anonyme or SARL with the capital your agrément requires, the shareholder chain documented and the capital links Article 34 asks about explained.SA or SARL, capital, shareholder chain.
02
The Bank Al-Maghrib dossier
The file in French to the circulars' document list - project, means, governance, internal control, AML and information-system security - so the four-month clock starts on filing.In French, to the circulars' list.
03
Cantonnement and rails
The compte de cantonnement agreed with a Moroccan bank, and access to SRBM, SIMT and the domestic mobile payment switch planned alongside the agrément.Bank account; SRBM and SIMT.
04
Substance in Casablanca
Managers whose honourability and experience Bank Al-Maghrib will test, an approved statutory auditor, and the control functions the circulars require.Casablanca managers and auditor.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Morocco.
The unified corporate rate is 20%, rising to 35% above MAD 100,000,000 of net profit - but credit institutions and organismes assimilés pay 40%, and Article 11 of Loi 103-12 places payment institutions in that second group.
Corporate tax 20%
Article 19-I of the Code général des impôts sets the unified rate at 20%, and 35% where net profit reaches MAD 100,000,000. The transition that began in 2023 finished in 2026.35% above MAD 100,000,000 of profit.
40% for organismes assimilés
Credit institutions and organismes assimilés, Bank Al-Maghrib, the Caisse de dépôt et de gestion and insurers pay 40%. Article 11 of Loi 103-12 counts payment institutions among the organismes assimilés, so this is the line to settle before the financial model is built. We confirm the position for your entity in writing.Payment institutions sit in that group.
Dividends 10% in 2026
The withholding on distributions came down in steps from 15% - 13.75% in 2023, 12.5% in 2024, 11.25% in 2025 - and reaches 10% in 2026.Down from 15% by steps to 2026.
Withholding 10%
Gross amounts paid to non-residents carry a 10% withholding. Group service agreements are drafted against that figure rather than around it.On gross amounts paid abroad.
TVA 20%
The standard rate under Article 98 of the Code général des impôts. Which payment fees fall inside it is mapped against the product before pricing.Mapped against the product.
Payroll and the control hires
Casablanca salaries plus the internal control, AML and information-security functions the circulars require, and the approved statutory auditor. The operating budget carries all of it.Casablanca salaries and control hires.
Tax summary
Corporate tax20% · 35% above MAD 100M
Credit institutions40% · organismes assimilés
Dividend withholding10% in 2026
Non-resident withholding10%
TVA20%
PayrollCasablanca salaries + control hires
*Figures as of 2026 per the Code général des impôts. Payment institutions are organismes assimilés under Article 11 of Loi 103-12; the bracket that applies to your entity is confirmed in writing.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Moroccan société anonyme, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
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Request a free conclusion →FAQ
The Moroccan payment agrément, answered.
What licence does a payment business need in Morocco?+
An agrément from Bank Al-Maghrib as an établissement de paiement under Loi 103-12, granted by the Wali after the opinion of the Comité des établissements de crédit. There is no registration route below it and no small-institution regime.
How much capital is required?+
Article 2 bis of Circulaire 20/G/2006, added by Circulaire 8/W/2016: MAD 6,000,000 for a company licensed exclusively for fund-transfer operations, MAD 10,000,000 for one offering the payment services of Article 16. Own funds have to stay at that level at all times.
How long does Bank Al-Maghrib take?+
Article 34(5) gives the Wali four months from receipt of all the required documents to notify the agrément or a reasoned refusal. The list is fixed by circulaire, so the clock only starts once the dossier is complete. Plan on nine to twelve months end to end.
What does the agrément cost in state fees?+
Bank Al-Maghrib does not publish a fee for it, and we do not invent one. The costs we can evidence - incorporation, capital, the auditor, the cantonnement arrangements and our own work - are itemised in your quote.
How is client money protected?+
Article 17 of the law and Article 14 of Circulaire 7/W/16 require funds on payment accounts to be placed in a compte de cantonnement at a bank no later than the next business day - global, separate and individualised. It is immune from set-off by that bank and from attachment by its creditors, and is repaid to the holders in a liquidation.
Are there limits on payment accounts?+
Three levels under Article 9 of Circulaire 7/W/16: MAD 200 where the customer is identified by mobile number alone, MAD 5,000 against an identity document, MAD 20,000 on full know-your-customer. Agent and merchant accounts are outside the ceilings, no debit balance is permitted, and a transfer may not exceed MAD 80,000 per operation and beneficiary.
What company form is required?+
A société anonyme or a SARL under Article 35(2). A foreign institution may work through a branch under Article 36, which has to allocate a dotation at least equal to the minimum capital. The law sets no cap on foreign ownership.
How are payment institutions taxed?+
The unified corporate rate is 20%, or 35% above MAD 100,000,000 of net profit, but credit institutions and organismes assimilés pay 40% - and Article 11 of Loi 103-12 counts payment institutions among the organismes assimilés. Dividend withholding reaches 10% in 2026, non-resident withholding is 10%, TVA is 20%.
How many payment institutions are there?+
Bank Al-Maghrib reported eighteen at the end of 2024 and twenty in 2025, one of them licensed for transfers only, with 9.4 billion dirhams of assets and 1.8 billion of net banking income between them.
Why Morocco rather than Egypt or Tunisia?+
Morocco answers in four months by statute, asks a tenth of Egypt's operator capital and has a tiered payment account written into the rules. Egypt is the far bigger market; Tunisia asks less capital again and taxes payment institutions at 20% with a sector contribution rather than the Moroccan 40%. Groups serving Moroccan customers license here.
Which licence?+
A BAM agrément as établissement de paiement.
Capital?+
MAD 10,000,000, or 6,000,000 transfer-only.
How long?+
Four months from a complete dossier.
State fee?+
Not published - we quote only evidenced costs.
Client funds?+
Compte de cantonnement by the next business day.
Account limits?+
MAD 200, 5,000 and 20,000 by KYC level.
Company form?+
Société anonyme or SARL; branch under Art. 36.
Taxes?+
20/35%, but 40% for organismes assimilés.
How many licensees?+
Eighteen in 2024, twenty in 2025.
vs Egypt / Tunisia?+
Four months and lighter capital; heavier tax.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Bank Al-Maghrib or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.