Heba Press
The Bank of Morocco has decided to cap the level of electronic cash exchange expenses at 0.65 percent of the value of local cash transactions via bank cards issued in Morocco.
The Bank of Morocco indicated in a press release that this regulatory decision regulates local electronic exchange expenses, which represent the percentage of the share that banks and performance organizations charge merchants in the payment commission via bank cards.
The Central Bank clarified that merchants cannot charge their customers for card payment fees and that these expenses therefore do not affect the prices of goods or services paid for by card.
The same source adds that this measure is part of the attributions of the Bank of Morocco, among which is the guarantee of the security of systems and means of performance.
This regulatory decision helps protect customers of credit institutions, and also supports Bank Al-Maghrib’s efforts in developing the electronic payment market.
