Card interchange fees in Morocco: Bank Al-Maghrib lowers the cap from 0.65% to 0.50%. What the cut really changes for the fees merchants pay.
Since October 1, 2026, Bank Al-Maghrib has lowered the cap on interchange fees for card payments in Morocco from 0.65% to 0.50% excluding tax.
For e-Gov payments and purchases from eligible local retailers that meet the regulatory conditions, the cap is set at 0.215% excluding tax.
The cut looks simple. Yet, as the professional association of payment institutions (APEP) pointed out in comments reported by Médias24 on October 21, 2026, it only applies to part of the fees merchants pay.
For a finance department, the question is therefore not “how much did the rate drop?” but “how much did my fees actually drop?”.
What are interchange fees?
Interchange fees are only the share paid to the institution that issued the customer’s bank card.
They are not everything the merchant pays. According to APEP, the merchant’s fee also includes:
- payment processing fees;
- card network fees;
- the fee for the service provided by the institution that enables the merchant to accept card payments.
The merchant’s fee is therefore a stack of several components. Bank Al-Maghrib’s decision acts on one of them.
Who benefits directly from the cut?
The rules distinguish two situations.
For e-Gov payments and payments at eligible local retailers, Bank Al-Maghrib’s decision requires the cut to be passed on to the fees merchants pay.
For other merchants, the cut applies to the interchange cap. Its effect on the final fee depends on how the payment institution builds its pricing. This is why APEP invites merchants to contact their payment institution to find out which rates apply to them and understand the effect of the new caps.
How much does it mean for a business?
Here is a purely illustrative order of magnitude.
A retailer collecting MAD 10 million a year by card sees the interchange cap fall by 0.15 percentage points. If that cut were fully passed on, the saving would be MAD 15,000 excluding tax per year.
The amount may seem modest. But in retail, where net margins often come down to a few points, every fraction of a point counts. Above all, the real saving is not automatic for everyone: it depends on the contract.
It is the same mechanism we saw with lower fuel taxes: a cut decided upstream only works if it is passed through to the final price.
What the finance department should check
To find out what the decision really changes, a finance department can follow a simple process:
- obtain the breakdown of the fee charged by the payment institution, component by component;
- compare statements before and after October 1, 2026;
- check eligibility for the 0.215% cap (local retailers, e-Gov payments);
- calculate the total cost of collection as a percentage of card revenue;
- open a discussion with the payment institution if the cut does not show.
This is cost management, just like purchasing or energy. In companies where no one tracks it, it is often a sign of a finance function still focused on accounting rather than steering. Strengthening that function may mean recruiting a CFO or a management controller.
Why the cost of collection is a margin issue
The cost of accepting cards is often treated as a fixed charge, paid without being analyzed. That is a mistake.
It grows with card volume. The bigger the company, the bigger the line. And it can be negotiated, like any service.
For a merchant, the real question is the total cost of collection: card fees, but also the cost of handling cash, security, cash transport and time spent at the till. Lower card fees can change the balance between these payment methods.
A financial structure issue for SMEs
For an SME, these “invisible” cost lines weigh more than they seem. They erode margin without appearing among the major budget items.
Bank Al-Maghrib’s decision is a good opportunity to review them, in line with what we described on optimizing the financial structure of growing SMEs.
It is also a reminder that favorable regulation only turns into a gain if the company knows how to read it, measure it and have it applied.
A real but partial cut
Bank Al-Maghrib’s decision lowers the cap on a key component of the cost of card payments.
But APEP is clear: interchange is only part of the merchant’s fee.
The real question is therefore not only: how much did interchange fall?
It is also: how much did my fee actually fall, and who in the company checks it?
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Frequently asked questions
What is the new interchange fee cap in Morocco?
Since October 1, 2026, the cap has been 0.50% excluding tax, down from 0.65%. It is 0.215% excluding tax for e-Gov payments and eligible local retailers.
Does the merchant’s fee fall by the same amount?
Not necessarily. Interchange is only part of the fee, which also covers payment processing, card networks and the payment institution’s service. Pass-through is required for e-Gov payments and eligible local retailers.
What should a merchant do to benefit?
Contact their payment institution to find out the rates applied, compare statements before and after October 1, 2026 and, if needed, renegotiate.
News source: Médias24, “Card payments: Bank Al-Maghrib lowers interchange fees, APEP explains what changes” (in French), October 21, 2026.