CMI

What CMI does

CMI (Centre Monétique Interbancaire) is Morocco's national payment infrastructure operator, founded in 2001 by nine Moroccan banks (Al Barid Bank, Attijariwafa Bank, Banque Populaire, BMCE Bank, BMCI, CIH Bank, Crédit du Maroc, Crédit Agricole du Maroc, Société Générale) and operating commercially since 2004. The company operates a Société Anonyme with 98,200,000 DH in capital, headquartered in Casablanca with regional commercial offices in 16+ Moroccan cities, and was historically the sole acquirer for Moroccan card payments before transitioning in May 2025 to a neutral multi-acquirer technical platform serving seven licensed acquiring payment establishments (Al Filahi Cash, Attijari Payment, CDM Pay, Damane Cash, Lana Cash, M2T, Saham Paiements).

CMI's product portfolio centers on the monetic processing backbone (TPE terminals, e-commerce gateway, SoftPOS Tap to Mobile, Dynamic Currency Conversion, merchant portal) and the Fatourati multichannel payment platform, which connects 32 banks and payment establishments to over 70 digital and physical collection channels serving 100+ public and private creditors. The technology stack spans card payment acquisition, API-based and web-based debt collection (Fatourati Collect, Fatourati Agrégateur), QR-based invoice payments (Fatourati QR), and — most recently — the WaSL national e-service distribution hub designed to enable Super App ecosystems. CMI accepts all major international card schemes (Visa, Mastercard, Amex, JCB, UnionPay, Diners, Discover, Maestro) along with national wallets (MarocPay, We Pay, DabaPay, SoPay) and global mobile wallets (Apple Pay, Samsung Pay, Alipay).

CMI generates revenue through transaction-based take rates on processed payments across both monetic and Fatourati flows, complemented by DCC commission shares with merchants and processing/technical fees now charged to acquiring EDPs. The company serves a distributed base of 80,000+ merchant points of sale and 100+ creditor organizations including Direction Générale des Impôts and Trésorerie Générale du Royaume on the public-sector side, with processed transaction volumes exceeding 500 million operations and 323 billion dirhams in financial flows projected for 2025. Growth (~13–16% YoY in 2025) is anchored by contactlessness (~70–75% of transactions), international card spend, and the rollout of WaSL, Fatourati QR, and Fatourati Agrégateur as new platform revenue lines.

Name

CMI

Legal name

Centre Monétique Interbancaire

Website

https://cmi.co.ma

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

CMI (Centre Monétique Interbancaire) operates Morocco's national payment infrastructure, processing over 500 million transactions annually for 80,000+ merchants, 32 banks, and 100+ public and private creditors via TPE, e-commerce, SoftPOS, and the Fatourati multichannel payment platform.

Ownership category

akta.pro rank

Product category

Payment Processing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)

akta.pro secondary industries

Recurring Billing, Subscriptions & Tokenized Payments (CRAFALAH), Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Payment processing services
• Electronic payment infrastructure
• Payment gateway services
• Mobile payment solutions
• Multichannel payment platform

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices17 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Card Transaction Processing Fees: CMI charges merchants a fee for processing card payments (acquiring services). As a technical platform for multiple acquiring partners since May 2025, CMI processes transactions and charges technical/processing fees. Historically served as sole acquirer for 80,000+ merchant points of sale and e-commerce sites.
2. Fatourati Multichannel Payment Services: CMI operates the Fatourati platform enabling bill and debt collection across banks and payment establishments. Revenue derives from transaction fees on payments processed through the platform, connecting creditors to debtors via 70+ channels. In 2025, Fatourati processed over 250 million transactions totaling approximately 220 billion dirhams.
3. Dynamic Currency Conversion (DCC): CMI generates revenue from Dynamic Currency Conversion services on e-commerce and TPE transactions, enabling foreign cardholders to pay in their home currency. Commission is shared with merchants, with international card transaction volumes of approximately 26-32 billion dirhams annually.
4. Technical Platform / Processing Services: Since May 2025, CMI operates as a neutral multi-acquirer technical processor, charging technical processing fees to acquiring payment establishments (EDPs) for transaction processing, security, and platform services.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels9 records

Core offering

CMI operates Morocco's national payment infrastructure, providing electronic payment processing services including electronic payment terminals (TPE) for in-store merchants, an e-commerce payment gateway for online merchants, the Fatourati multichannel payment platform for bill collection and debt settlement, Dynamic Currency Conversion (DCC), SoftPOS/Tap to Mobile software-based POS solutions, and the WaSL national E-Service Hub. Since May 2025, CMI operates as a neutral multi-acquirer technical platform serving payment establishments across Morocco, processing over 240 million monetary transactions and 250+ million Fatourati transactions annually.

Product overview

CMI (Centre Monétique Interbancaire) operates as Morocco's national payment infrastructure operator, providing a comprehensive suite of payment acceptance and processing services. The core offerings include TPE (electronic payment terminals) for physical merchants and an e-commerce payment gateway for online transactions, both processing payments across multiple card networks. Fatourati serves as the flagship multi-channel payment platform for bill collection and debt settlement, connecting 32 banks and payment institutions to over 70 digital and physical channels. The product portfolio extends through add-on modules including Fatourati Collect (web-based debt collection), Fatourati Agrégateur (API integration for software publishers), Fatourati QR (QR code payments), and Tap to Mobile SoftPOS (smartphone-based payments). WaSL represents CMI's expansion into e-service distribution hubs enabling Super App development. Supporting services include MarocPay mobile wallet, loyalty programs (CMI Fidélité, FID&You), Dynamic Currency Conversion for international payments, anti-fraud services, and merchant analytics portals. The company serves over 80,000 merchant locations processing over 240 million annual transactions.

Differentiator

Problem solved

Functional benefit

Brands

• Fatourati: National multichannel payment platform for bill and debt collection, connecting 32 banks and payment institutions to over 70 digital and physical payment channels.
• Fatourati QR
• Fatourati Collect
• Fatourati Aggregator
• WaSL
• Maroc Pay

Named customers7 records

Segments5 records

Ideal customer profiles4 records

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability1 record

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• JCB InternationalcoreStrategic or Co-development Partner · 28 November 2025JCB International and CMI expanded their partnership to enable JCB card acceptance for all acquiring payment establishments affiliated with CMI. JCB has 169+ million cardholders and 56 million merchant acceptance locations in 160+ countries. This supports Morocco's positioning as a financial and tourism hub ahead of FIFA World Cup 2030.
• Al Filahi CashcoreChannel Partner/ Reseller/ Distributor · 18 September 2025Al Filahi Cash is one of seven acquiring payment establishments (EDPs) that launched card payment acquisition services on May 1, 2025, using CMI's technical platform as a neutral multi-acquirer processor.
• Attijari PaymentcoreChannel Partner/ Reseller/ Distributor · 18 September 2025Attijari Payment (subsidiary of Attijariwafa Bank) is one of seven acquiring payment establishments that launched card payment acquisition services using CMI's technical platform from May 2025.
• CDM Pay (Crédit du Maroc)coreChannel Partner/ Reseller/ Distributor · 18 September 2025CDM Pay is one of seven acquiring payment establishments that launched payment acquisition services using CMI's technical platform from May 2025.
• Damane CashcoreChannel Partner/ Reseller/ Distributor · 18 September 2025Damane Cash is one of seven acquiring payment establishments that launched card payment acquisition services using CMI's technical platform from May 2025.
• Lana Cash (CIH Bank)coreChannel Partner/ Reseller/ Distributor · 18 September 2025Lana Cash (from CIH Bank) is one of seven acquiring payment establishments that launched card payment acquisition services using CMI's technical platform from May 2025.
• M2T (Chaâbi Payment)coreChannel Partner/ Reseller/ Distributor · 18 September 2025M2T (Chaâbi Payment) is one of seven acquiring payment establishments that launched card payment acquisition services using CMI's technical platform from May 2025.
• Saham Paiements (Saham Bank)coreChannel Partner/ Reseller/ Distributor · 18 September 2025Saham Paiements (subsidiary of Saham Bank) is one of seven acquiring payment establishments that launched card payment acquisition services using CMI's technical platform from May 2025. In December 2025, Saham Paiements also announced taking over part of CMI's merchant portfolio as part of Morocco's market liberalization.
• VisacoreStrategic or Co-development Partner · 1 September 2024Visa partnered with CMI to launch SoftPOS 'Tap to Mobile' in Morocco, the first such deployment in the country. Visa collaboration enables small merchants and artisans to accept contactless payments via smartphone, advancing financial inclusion objectives.
• MastercardcoreStrategic or Co-development Partner · 1 June 2024Strategic partnership (June 2024) to support development of co-branded MasterCard/CMI card portfolios and promote electronic payment acceptance in Morocco. Collaboration aims to connect consumers and merchants with innovative payment experiences (mobile payment, NFC, e-Commerce, international payments) and drive digital inclusion.
• UnionPay InternationalminorStrategic or Co-development Partner · 9 February 2021CMI announced UnionPay e-commerce acceptance at its e-merchants, an exclusivity enabling over 9 billion UnionPay cards worldwide to purchase products and services from Moroccan e-commerce sites (accommodation, airline tickets, etc.).

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• HPS (Hightech Payment Systems): Casablanca-based payment software company serving banks and acquirers across MENA, Africa, and Europe with card processing, switching, and digital payment solutions. Direct comparable to CMI in Moroccan and pan-African payment infrastructure, with overlapping customer base among Moroccan banks.
• Network International: UAE-based payment processor and acquirer serving MEA region with similar end-to-end merchant acquiring, card processing, and value-added services. Direct competitor in the African/Middle East payment processing league; cited in same Nilson Report rankings as CMI.
• S2M (Société Monétique de Tunisie): Tunisian national payment processor providing card acquiring, payment gateway, and ATM management for the Tunisian market. Closest North African peer with comparable national-payment-infrastructure model and similar multi-channel bill collection platform.
• Magnati: UAE-based payment processor offering merchant acquiring, payment gateway, and processing services across the Middle East. Comparable acquirer/processor model with similar product portfolio (POS, e-commerce, value-added services) and regional payment network operator status.

Emerging players

• Paymob: Egyptian payment infrastructure provider offering online and in-person payment acceptance, digital wallets, and value-added services to MENA merchants. Comparable product breadth (SoftPOS, payment gateway, checkout) but focused on Egypt; emerging regional threat to CMI's pan-African ambitions.

Regional players

• M2M Group (M2M Tunisie): Tunisian payment processor and e-money issuer providing multi-channel payment services for North Africa. Peer in the Maghreb region with comparable merchant acquiring and electronic payment services, though primarily serving the Tunisian market.

Broad incumbents

• Stripe: Global payment processor with significant Moroccan e-commerce presence via integration partnerships. Indirect peer for CMI's e-commerce gateway offering; represents competitive threat for international merchants but does not have first-party Moroccan POS infrastructure.
• Worldline: European payment processor with merchant services, acquiring, and digital services across 30+ countries. Comparable acquisition/processing infrastructure model; relevant for benchmarking as a global incumbent transitioning from traditional processing to multi-acquirer platform models.

Others

• Verifone: Global POS terminal hardware and payment-as-a-service provider. Adjacent supplier relationship to CMI through TPE terminals and enabling software; relevant for understanding hardware/software economics in the payments value chain.
• Visa Acceptance Platform: Visa's acquiring/processing infrastructure division competing globally in payment processing. Relevant principally as a partner (co-branded cards, SoftPOS launch) but also a potential long-term threat if Visa expands its direct processing footprint in Africa.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/MarocTelecommerce
• Facebookfacebook.com/cmi.co.ma
• LinkedInlinkedin.com/company/cmimaroc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CMI