Tourism travel allowance : No more cash in exchange bureaus any time soon
The predominance of cash poses a major challenge to the national economy, and is generating growing concern in view of its progression. “ The level of cash in cir-culation in Morocco has reached one of the highest levels in the world, at around 30% of GDP ”, says Abderrazzak Mahmoudi, President of the Moroccan National Federation of Regional Exchange Bureaus Associations and CEO of GIE Afri-caExchange. Reducing the share of paper money requires innovative solutions in the field of monetary digitization as part of the drive for financial inclusion. It is with this in mind that the National Federation of Regional Exchange Bureaus As-sociations is working with the relevant authorities.
To this end, the Foreign Exchange Office recently approved the use of electronic payment terminals (EFTPOS) by currency exchange companies. This step forward will facilitate transactions involving the sale of foreign currency against Moroccan dirhams, said Mahmoudi. “ Following approval from the Foreign Exchange Of-fice, our federation has set up partnerships with three approved electronic payment centers in Morocco. These alliances will enable us to equip exchange bureaus in our sector with electronic payment terminals (Eftpos) ”, added the president of the Federation. “ These agreements will also enable us to benefit from training and technical assistance, as well as preferential rates and commissions for members of the federation. Since last June, the first EFTPOS terminals have already been op-erational in a trial phase, before moving on to the general roll-out stage. These terminals will enable Moroccans to purchase foreign currency for their tourist travel allowance using their bank card, rather than against cash in dirhams as was previously the case ”, explained the president of GIE AfricaExchange.
“ We have also just received approval from the (Foreign Exchange) Office to mar-ket rechargeable prepaid cards in dirhams. These cards will be used by companies in our industry to purchase foreign currency in banknotes from tourists ”, added Mahmoudi. “We are in the design and preparation phase of the project so that it will be operational by the end of 2024 at the latest,”, said the federation’s presi-dent. The cards will be 100% Moroccan and approved by Visa or Mastercard, with technical, security-related, and other aspects managed by a bank or payment insti-tution, said the president of the federation. This initiative will enable tourists visit-ing Morocco to replace the use of banknotes in dirhams with the use of a secure card for purchases, withdrawals, transfers, and payments, he explained. “Tourists may also visit one of our bureaus to unload their card and receive the amount in foreign currency corresponding to the remaining balance in dirhams”, added Mahmoudi.
Noureddine EL AISSI
