Prefunding MAD payouts in Morocco
Prefunding payouts in Morocco means holding MAD with a payout partner or a local settlement account before transfers are paid, so recipients are paid without waiting for funds to arrive. Payouts run over Virement instantané (PCVI) and SIMT. There are 12 weekday bank closures in Morocco in the next 12 months to fund around. The rules and timings below are the ones that decide how much to hold and when to top up.
Funding rules and timing in Morocco
- Convertible dirham accounts of foreign correspondents cannot go into debit, but banks can grant them 'découverts de courrier' of up to J+2 business days against documented foreign currency transfers sent from abroad, to avoid delays in executing payment orders. source
- Instant transfers are capped at MAD 20,000 each, giving an average of MAD 3,780 per transfer in 2024, while standard SIMT transfers are capped at MAD 10 million each. source
- Bank Al-Maghrib's interbank reference rate is built from market makers' trades on the electronic platform between 08:30 and 15:30, so dirham conversion follows the Moroccan trading day; BAM also updates the USD/MAD band before each foreign currency auction session it organises and when international exchange rates move significantly. source
The rails that spend the prefund
| Rail | What matters for payouts | Source |
|---|---|---|
| Virement instantané (PCVI) | Interbank instant transfer launched on 1 June 2023 and opened by 11 banks to their customers 24 hours a day, 7 days a week, through their own channels. | source |
| SIMT | Retail clearing for non-card instruments (standard transfers, cheques, LCN and direct debits); it handled 136.3 million transactions worth MAD 2,524.2 billion in 2024, and standard transfers above MAD 10 million must settle through SRBM. | source |
| SRBM | Real-time gross settlement system for large-value and customer transfers in central bank money; direct participants sent 381,039 payment orders in 2024, up 16%, driven by a 27% rise in customer transfers. | source |
Where the prefund sits
Money for Morocco payouts is usually held with one or more of these, each a balance to watch. The full shortlist, with sources, is on the Morocco payments stack page.
| Payout partners | Thunes, TerraPay, dLocal, Nium, Wafacash, Cash Plus |
| Local banking and settlement accounts | Bank of Africa, Al Barid Bank, Attijariwafa bank |
Bank closures to fund around
Weekdays in the next 12 months when banks in Morocco are closed. Top up before each one.
| Date | Holiday | Status |
|---|---|---|
| Fri 6 Nov 2026 | Anniversary of the Green March | confirmed |
| Wed 18 Nov 2026 | Independence Day | confirmed |
| Fri 1 Jan 2027 | New Year's Day | confirmed |
| Mon 11 Jan 2027 | Anniversary of the Independence Manifesto | confirmed |
| Thu 14 Jan 2027 | Amazigh New Year (Yennayer) | confirmed |
| Wed 10 Mar 2027 | Eid al-Fitr (day 1) | expected |
| Thu 11 Mar 2027 | Eid al-Fitr (day 2) | expected |
| Mon 17 May 2027 | Eid al-Adha (day 1) | expected |
| Tue 18 May 2027 | Eid al-Adha (day 2) | expected |
| Fri 30 Jul 2027 | Throne Day | confirmed |
| Mon 16 Aug 2027 | Eid al-Mawlid (day 2) | expected |
| Fri 20 Aug 2027 | Anniversary of the Revolution of the King and the People | confirmed |
Full list and notes: Morocco bank holidays.
Corridors into Morocco
| Corridor | Average cost to send | Period |
|---|---|---|
| Belgium to Morocco | 3.86% | Q3 2025 |
| France to Morocco | 7.39% | Q3 2025 |
| Germany to Morocco | 4.11% | Q3 2025 |
| Italy to Morocco | 7.21% | Q3 2025 |
| Netherlands to Morocco | 5.57% | Q3 2025 |
| Spain to Morocco | 6.29% | Q3 2025 |
Costs are World Bank Remittance Prices Worldwide averages for sending the equivalent of US$200.
Size the prefund
Hold enough MAD to cover payouts for your lead time plus every closure in that window, then top up when runway drops below target. The corridor runway calculator does the arithmetic; the glossary explains prefunding, corridor runway and liquidity buffers.
Where Polynopsis fits
Polynopsis shows the MAD balance at every partner and account that funds Morocco payouts, next to the payouts expected against it and the top-ups already in flight, and warns before the corridor runs dry, including ahead of Morocco bank holidays.
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.
About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
Why it is called Polynopsis · About Polynopsis · Glossary · Corridor runway calculator