{
 "jurisdiction_id": "MA",
 "jurisdiction": "Morocco",
 "url": "https://payments.gi/jurisdictions/morocco/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 58,
  "source_register": 87
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w1a-licensing-authorisation-market-access",
   "standing_position": "Morocco operates a non-EMI/non-PSD bespoke regime under Banking Law 103-12 (promulgated by Dahir 1-14-193, 24 Dec 2014), supervised by central bank Bank Al-Maghrib (BAM). The law created a non-bank 'établissement de paiement' (payment institution) category authorised to hold payment accounts and provide payment services, alongside 'établissements de monnaie électronique' (EMIs). Licensing is by the BAM Governor after opinion of the Credit Institutions Committee; minimum capital MAD 3 million for PIs/EMIs; processing typically 6-12 months. Foreign PSPs cannot operate directly without a local licence or partnership.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://www.bkam.ma/en/Find-information-about/Regulation/Legal-framework-of-payment-systems-and-means",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "circular",
     "source": "https://www.bkam.ma/en/Banking-supervision/Micro-prudential-supervision/Licensing",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "licensing_threshold",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scope_definition",
     "source": "https://resourcehub.bakermckenzie.com/en/resources/global-financial-services-regulatory-guide/europe-middle-east-and-africa/morocco/topics/what-types-of-activities-require-a-license-in-your-jurisdiction",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_data",
     "source": "https://www.laamrani-law.com/wp-content/uploads/Payment%20institutions%20in%20Morocco-%20Article%20August%202021-1.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Conduct and consumer-protection for payment/credit customers rests on Law 103-12 and consumer-protection Law 31-08, both enforced by Bank Al-Maghrib, which issues transparency, complaint-handling and banking-mediation rules. Customer funds at payment institutions are safeguarded by segregation/escrow at a bank (e.g. Lana Cash/CIH wallet funds held at CIH under BAM's PI rules). There is no UK-style financial-promotions s.21 regime; conduct is anchored in transparency-of-fees and disclosure obligations.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://www.bkam.ma/en/Banking-supervision/Protection-of-credit-institutions-customers",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "safeguarding",
     "source": "https://payatlas.com/regulator/bkam-4593",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "safeguarding_example",
     "source": "https://www.startupresearcher.com/news/9-moroccan-fintech-startups-to-follow-in-2025",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "conduct_rule",
     "source": "https://atlasimmobilier.com/en/your-banking-rights-what-you-need-to-know-with-bank-al-maghrib/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w2-stablecoins-digital-money",
   "standing_position": "Morocco has an e-money framework (EMIs under Law 103-12, MAD 3m capital, BAM-licensed) but cryptocurrencies remain banned domestically; a draft crypto/digital-asset law with AML/CFT requirements has been in preparation. BAM is separately developing a CBDC, the 'e-Dirham', in testing. Note: the crypto draft law is flagged as proposed/in-development, not enacted.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "horizon_item",
     "source": "https://blog.voveid.com/aml-compliance-in-morocco-a-2025-guide-for-fintechs-and-regulated-businesses/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "cbdc_pilot",
     "source": "https://openbanking.ng/open-banking-in-morocco/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience rests on cybersecurity Law 05-20 (Dahir 1-20-69, 25 July 2020) and implementing Decree 2-21-406 (2021), with DGSSI (attached to National Defence) as national cyber authority and maCERT for incident response; the National Directive on IS Security (DNSSI, updated Jan 2023) sets A/B/C classification and audit cycles for vital infrastructure (OIVs). For credit institutions specifically, BAM Directive 3/W/16 (10 June 2016) sets minimum penetration-test rules, and BAM's Banking Supervision Directorate collaborates with DGSSI on banking-sector cyber compliance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://www.dgssi.gov.ma/en/publications/national-directive-information-system-security-ndiss/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "supervisory_authority",
     "source": "https://regulations.ai/regulations/RAI-MA-NA-0520000-2020",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "supervisory_practice",
     "source": "https://www.dgssi.gov.ma/en/actualit%C3%A9s/la-cybersecurite-dans-le-secteur-bancaire",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sector_directive",
     "source": "https://www.mondaq.com/guides/results/15/1144/all/morocco-banking-regulation",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w4-scheme-network-compliance",
   "standing_position": "Card scheme rails run through CMI (Centre Monétique Interbancaire), the bank-owned interbank operator through which every Moroccan bank-card transaction historically passes. PCI-DSS and 3D Secure 2.0 are mandatory for online card processing, with annual PCI-DSS validation required by BAM. Interchange fees were capped at 0.65% from October 2024. Visa/Mastercard operate domestically via partner banks; surcharging by merchants is illegal.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "scheme_standard",
     "source": "https://www.baas.ma/en/blog/passerelle-paiement-maroc-guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "interchange_regulation",
     "source": "https://openbanking.ng/open-banking-in-morocco/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "conduct_rule",
     "source": "https://www.moroccoworldnews.com/2026/02/279409/morocco-launches-stay-cashless-to-digitize-tourism-payments/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme_standard",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w5-payment-corridor-dynamics",
   "standing_position": "Morocco's dominant corridor is inbound diaspora remittances (MRE), which reached ~MAD 122 billion / $13.4 billion in 2025, making it among the top remittance recipients in Africa and second in MENA after Egypt; principal send markets are France, Spain, Italy, Germany, Belgium and the Netherlands. FX is tightly controlled by the Office des Changes. The domestic instant rail Virement Instantané (GSIMT, launched June 2023, ISO 20022, 24/7, MAD 20,000 cap) prepares for cross-border interoperability, and Morocco joined PAPSS in 2025 for pan-African settlement.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "corridor_data",
     "source": "https://www.moroccoworldnews.com/2026/02/277165/moroccos-diaspora-remittances-reached-over-13-3-billion-in-2025/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor_data",
     "source": "https://www.moroccoworldnews.com/2025/02/165076/moroccan-diaspora-remittances-reached-11-7-billion-in-2024/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "cross_border_rail",
     "source": "https://www.lightspark.com/knowledge/instant-payments-morocco",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "cross_border_rail",
     "source": "https://onyx.ma/moroccos-fintech-startups-reshape-money-in-2025/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w6-industry-structure-commercial-dynamics",
   "standing_position": "The market is bank-centric and historically concentrated: CMI, a consortium of major banks, ran the entire card-acquiring and processing chain (processing 200m+ transactions annually in 2024). The wider PSP base is led by bank-owned payment institutions (Cash Plus, Wafacash, Damane Cash/BCP, Attijari Payment/Attijariwafa, Lana Cash/CIH, M2T) with telcos (Maroc Telecom, Orange, Inwi) participating via partnerships, plus a growing fintech challenger layer (NAPS, Chari, ORA, PayTic, VPS/Payzone). Cash dominance is high (~80% of transactions; currency in circulation ~26% of GDP).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://launchbaseafrica.com/2025/11/03/moroccos-fintech-revolution-hits-the-snooze-button/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_players",
     "source": "https://www.baas.ma/en/blog/paiement-mobile-maroc-maroc-pay",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_data",
     "source": "https://www.moroccoworldnews.com/2026/02/279409/morocco-launches-stay-cashless-to-digitize-tourism-payments/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://onyx.ma/moroccos-fintech-startups-reshape-money-in-2025/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/morocco/#w7-legal-litigation",
   "standing_position": "The landmark payments-sector enforcement matter is the Competition Council (Conseil de la Concurrence) Decision No. 152/D/2024 against CMI. Triggered by a complaint from NAPS SA, the Council found CMI's all-in-one acquiring/processing model anti-competitive and imposed binding commitments dismantling its merchant-acquiring monopoly, requiring CMI to become a 'neutral technical platform'. The legal basis is Law 104-12 (freedom of prices and competition) and Law 20-13 (Competition Council). Merchant-contract transfer deadlines were extended on 27 Oct 2025 (other contracts by 31 Jan 2026; government contracts by 30 Apr 2026), with daily penalties for missing them.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement_action",
     "source": "https://www.moroccoworldnews.com/2025/08/255876/competition-council-issues-174-decisions-authorizes-155-mergers-in-2024/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement_action",
     "source": "https://en.yabiladi.com/articles/details/166918/morocco-ends-near-monopoly-opens-electronic.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement_deadline",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement_context",
     "source": "https://www.bremerlf.com/resources/moroccan-competition-council-2024-activity-report",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/morocco/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring was historically monopolised by CMI (~55,000 merchant contracts, ~65,000 POS terminals) but is being opened to competing payment institutions and bank acquiring subsidiaries (Al Filahi Cash, Attijari Payment, Damane Cash, Chaabi Payment, NAPS) following the Competition Council ruling, effective from 1 May 2025. New acquirers must obtain merchant consent for contract assignment under the Dahir of Obligations and Contracts and migrate/reprogramme terminals. Card settlement runs D+1 to D+3; acquiring fees typically 1.5%-3.5% on local cards.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "onboarding_rule",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement_mechanics",
     "source": "https://www.baas.ma/en/blog/passerelle-paiement-maroc-guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://payatlas.com/countries/morocco-ma",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w9-product-innovation-market-development",
   "standing_position": "Innovation is BAM-led and inclusion-focused. Maroc Pay is the national interoperable QR mobile-payment standard (operated on HPS Switch; BAM-mandated wallet interoperability via the GP2M economic-interest group) avoiding the closed-silo model. Virement Instantané (GSIMT, June 2023) provides instant interbank transfer. BAM is building the e-Dirham CBDC, migrating to ISO 20022, and in Dec 2025 published a fintech project-holder guide formalising the licensing pathway. A Morocco FinTech Center launched in Jan 2025; open-banking APIs are still nascent.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "product_rail",
     "source": "https://www.baas.ma/en/blog/paiement-mobile-maroc-maroc-pay",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "infrastructure",
     "source": "https://www.undp.org/sites/g/files/zskgke326/files/2023-05/SDFE%20Assessment%20Morocco%20Report%202023%20Final%203_17Feb.pdf",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regulatory_development",
     "source": "https://openbanking.ng/open-banking-in-morocco/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ecosystem_initiative",
     "source": "https://fintechnews.ae/30097/fintech-africa/fintech-startups-from-morocco-to-follow/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection for financial customers rests on Law 31-08 (consumer protection) and Law 103-12, enforced by BAM through transparency, complaint-handling and recommendation 1/G/2012. The dispute route is internal complaint first, then the Centre Marocain de Médiation Bancaire (CMMB / 'Al Wassit Al Banki', created March 2014), a free voluntary out-of-court mediation body chaired by the BAM Governor; mediation extends to payment institutions, and a 2026 expansion brought in consumer-association partnerships. Morocco has no dedicated UK-style APP-fraud mandatory-reimbursement regime; safeguards focus on PSP fraud-monitoring, SARs and PCI/3DS controls.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "ombudsman_route",
     "source": "https://www.bkam.ma/en/Find-information-about/Services-to-customers-of-credit-institutions/Settling-disputes-between-customers-and-credit-institutions/Banking-mediation",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ombudsman_rule",
     "source": "https://cmmb.ma/en/mediation-rules-of-al-wassit-al-banki/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "consumer_development",
     "source": "https://www.moroccoworldnews.com/2026/05/294119/morocco-signs-deals-to-expand-free-banking-mediation-services-for-consumers/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "complaint_handling",
     "source": "https://www.bkam.ma/en/Banking-supervision/Protection-of-credit-institutions-customers",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w11-aml-cft-financial-crime",
   "standing_position": "sentinel: Morocco's AML/CFT posture rests on Law 43-05 (2007) as amended by Law 12-18 (2021), with BAM supervising banks/payment institutions, ANRF/UTRF as the FIU, and ACAPS/AMMC for insurance and capital markets. Morocco exited the FATF grey list in February 2023 after a 15-point action plan; the MENAFATF May 2024 follow-up rated it largely compliant on 28-39 of the 40 Recommendations but it remains in enhanced follow-up. PSPs must run AML/KYC and file SARs.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "fiu",
     "source": "sentinel://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Morocco's AML/CFT regime rests on Law 43-05 (as amended by Law 12-18) with UTRF (Unité de Traitement du Renseignement Financier) as FIU using goAML. Removed from FATF grey list in Feb 2023; remains in MENAFATF enhanced follow-up with 39/40 Recommendations rated C/LC as of the 2024 follow-up cycle, but structural gaps persist on cash couriers, beneficial ownership, and virtual assets.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Morocco",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFSI divergence",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w12-correspondent-banking-settlement-access",
   "standing_position": "Large-value settlement runs through SRBM (Système des Règlements Bruts du Maroc), the BAM-operated RTGS established by Governor Circular 14/G/06 (20 July 2006), alongside the SIMT interbank clearing system (GSIMT) for non-card cashless instruments and the electronic/mobile switches operated by HPSS. Settlement-account access and FMI oversight sit with BAM under a multilateral payment-system supervision agreement (Jan 2009). Cross-border FX/settlement is controlled by the Office des Changes; correspondent-banking for remittances historically runs through Banque Populaire's European branch network and licensed money-transfer intermediaries (BAM remittance licence since 2007).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement_system",
     "source": "https://cbpn.currencyresearch.com/blog/2022/02/22/steering-the-evolution-of-payments-in-morocco",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement_instrument",
     "source": "https://www.bkam.ma/en/Find-information-about/Regulation/Legal-framework-of-payment-systems-and-means",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "remittance_access",
     "source": "https://gfrid.org/wp-content/uploads/2022/12/Diagnostics_Morocco_e_W.pdf",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "fx_control",
     "source": "https://www.moroccoworldnews.com/2026/02/277165/moroccos-diaspora-remittances-reached-over-13-3-billion-in-2025/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/morocco/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial activity is dominated by fintech funding and a landmark licensing milestone: Chari secured a record $12m Series A (Oct 2025) and became the first VC-backed startup to win a BAM payment-institution licence; ORA Technologies raised $7.5m Series A (Jul 2025) and acquired Cathedis (Nov 2025); PayTic raised a $4m seed extension (Apr 2025); and AfricInvest's FIVE fund moved (Feb 2026) to acquire joint control of payment institution VPS (Payzone/Payexpress). Morocco fintech raised ~$95m across ~40 deals in 2024.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "funding_round",
     "source": "https://lafroujiavocats.com/en/morocco-fintech-license/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "funding_and_acquisition",
     "source": "https://fintechnews.ae/30097/fintech-africa/fintech-startups-from-morocco-to-follow/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "funding_round",
     "source": "https://www.startupresearcher.com/news/9-moroccan-fintech-startups-to-follow-in-2025",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ma_transaction",
     "source": "https://launchbaseafrica.com/2026/02/11/riding-moroccos-fintech-wave-africinvest-moves-to-acquire-vantage-payment-systems/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_data",
     "source": "https://www.startupresearcher.com/news/9-moroccan-fintech-startups-to-follow-in-2025",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}