By: TPA News Desk | editor@thepointafricanews.com

Morocco’s central bank, Bank Al-Maghrib (BAM), is actively exploring the implementation of its own central bank digital currency (CBDC), with a particular focus on its potential for both peer-to-peer and crucial cross-border payments. Governor Abdellatif Jouahri announced Monday that the bank has completed an initial pilot for retail digital payments and is now engaged in a second trial to specifically test CBDC’s efficacy in cross-border transfers.

Speaking at the 2025 continental seminar of the Association of African Central Banks (AACB), Governor Jouahri highlighted BAM’s collaborative efforts with international financial institutions. He confirmed that the Moroccan central bank is working closely with both the International Monetary Fund (IMF) and the World Bank to assess the macroeconomic and payment system implications of a digital dirham.

A key aspect of their current exploration involves a significant partnership with the Central Bank of Egypt. This collaboration, supported by the World Bank, aims to specifically delve into how a Moroccan CBDC could facilitate more efficient and secure cross-border transactions between the two North African nations. Jouahri emphasized the CBDC’s potential as a sovereign currency for both wholesale and retail transactions.

The Governor also noted that ongoing studies are addressing the necessary legal and regulatory frameworks required for the full implementation of a CBDC. He stressed that, like other African nations, Morocco’s efforts are geared towards defining strategic objectives and understanding the comprehensive impact of a digital currency on the financial system.

Beyond CBDCs, Jouahri also addressed Morocco’s broader digital financial landscape, mentioning the completion of a draft law to regulate cryptoassets, aimed at consumer protection, market integrity, and financial stability. These comprehensive initiatives underscore Morocco’s commitment to modernizing its financial services and adapting to the evolving global digital economy.