In Morocco, lending money to a relative is allowed under the Dahir on obligations and contracts, but any regular lending to the public falls under Bank Al-Maghrib, and peer-to-peer lending platforms must be licensed under law 15-18.
What Moroccan law says about private loans
A loan of money between private persons is a civil contract governed by the 1913 Dahir on obligations and contracts (DOC). A one-off sum handed to a cousin or colleague needs no licence, provided you do not turn it into a business.
The banking monopoly and Bank Al-Maghrib's role
Granting credit to the public on a regular basis is reserved to credit institutions and microcredit associations supervised by Bank Al-Maghrib, the central bank. An individual posting loan adverts on Facebook or Avito is therefore outside the law and should arouse suspicion.
Law 15-18 and collaborative financing companies
Enacted in 2019 and supplemented by decree 2-21-158 of 2022, law 15-18 created collaborative financing companies. Bank Al-Maghrib licenses and supervises lending and donation platforms, while the AMMC, the capital market authority, oversees investment platforms.
Requirements for licensed platforms
A collaborative financing company must be an SA or SARL with its head office in Morocco and fully paid-up capital of at least 300,000 dirhams. Before entrusting your dirhams to a lending website, ask for its licence number and verify it with the regulator.
Interest, riba and participative banks
The DOC contains a provision, Article 870, that renders void any interest stipulated between Muslims. Many families prefer qard hassan, an interest-free loan, or the participative banks authorised since 2017. Have a legal adviser confirm the exact scope.
The daret, Morocco's rotating neighbourhood savings club
A daret brings together colleagues, neighbours or shopkeepers who each pay a fixed monthly sum in dirhams, handed in turn to one member. Common from Oujda to Agadir, it rests on trust and offers no recourse if the organiser disappears.
Drafting a valid acknowledgement of debt in Morocco
A dated document stating the amount in dirhams, the schedule, and both parties' identities and CNIE numbers is the best proof. Certifying the signatures at the municipal office, or a deed drawn up by a notary or adouls, greatly strengthens it in court.
Guarantee cheques: a risky practice
Some lenders demand a signed, undated cheque as security. Yet issuing a cheque without sufficient funds is a criminal offence under the Moroccan Commercial Code, which puts the borrower under pressure. Prefer a written schedule and traceable bank transfers.
Tax on interest received and registration
Interest collected by a lender may be taxable income, and registering a loan deed with the General Tax Directorate (DGI) may incur duties. Ask the DGI or an accountant before signing, rather than relying on hearsay.
The diaspora, the Office des Changes and transfers from abroad
Moroccans living abroad often lend to their families. As the dirham is not freely convertible, foreign currency operations follow the rules of the Office des Changes, the exchange control authority: use a licensed bank or payment institution.
Fake lender scams targeting Moroccans
The classic scenario promises fast credit at 2 % and then demands application, insurance or stamp fees via Wafacash or a prepaid card. Read our analysis of fake lenders on social media before contacting any stranger.
Where to report a scam and seek help
File a complaint with the police or the Crown prosecutor, and report illegal adverts on the E-Blagh platform launched by the DGSN in 2024. Our guide to reporting a private loan scam and our page on peer-to-peer loans in Casablanca add further advice.
A safe method for lending or borrowing in Morocco
- Check whether the other party is an identified relative or a platform licensed by Bank Al-Maghrib under law 15-18.
- Draft an acknowledgement of debt in dirhams stating the CNIE numbers, amount, schedule and whether any interest applies.
- Have both signatures certified at the municipality or entrust the deed to a notary or adouls.
- Pay the funds by bank transfer to the borrower's account, never in cash without a signed receipt.
- Keep proof of each monthly repayment and update a shared repayment table.
- Ask the DGI about tax on the interest and registration of the deed before signing.
Costs of a private loan in Morocco (indicative, in MAD)
| Item | What to know | Amount (indicative) |
|---|---|---|
| Interest between individuals | Governed by the DOC, possibly void between Muslims | Often 0 MAD (qard hassan) |
| Collaborative financing platform | Bank Al-Maghrib licence required for lending | Fees according to the published scale |
| Certification of signatures | Municipal certification office | Small stamp duty, to be checked |
| Notary or adouls | Fees and any registration duties | On quotation |
| Fees demanded by a fake lender | Scam signal, no recourse | Total loss of the sums paid |
Papers to gather before a loan in Morocco
- Electronic national ID card (CNIE) or passport of both parties
- Salary certificate, payslips or recent bank statements
- Acknowledgement of debt or loan contract with certified signatures
- Moroccan bank details (RIB) of borrower and lender
- Transfer order or credit advice proving the funds were handed over
- Repayment table in dirhams signed by both parties
Mistakes and warning signs in Morocco
- Paying application fees via Wafacash, Cash Plus or a prepaid card to a lender met on Facebook or WhatsApp.
- Signing an undated guarantee cheque, which exposes the borrower to criminal prosecution for insufficient funds.
- Believing a fake lawyer or fake notary who demands payment of duties before the loan is released.
- Lending to a family member with nothing in writing, which makes proof very difficult before the court of first instance.
- Entrusting your savings to a crowdfunding website that is not among the companies licensed by Bank Al-Maghrib.
Your questions about private loans in Morocco
Can a private individual in Morocco lend money at interest?
The DOC regulates interest, and its Article 870 provides that interest stipulated between Muslims is void. In practice, most family loans are therefore interest-free. Before charging anything, seek the opinion of a notary or a lawyer registered with the bar.
Are there licensed peer-to-peer lending platforms in Morocco?
Yes, law 15-18 allows collaborative financing companies to obtain a Bank Al-Maghrib licence for lending. In 2024, the central bank said it had granted three licences. Always check the official list before transferring a single dirham.
Is the daret legal and protected?
The daret is a tolerated social practice between people who know each other, but it is not a regulated financial product. No guarantee fund covers its members. A signed document setting the order of turns and the amounts limits disputes.
What should I do if I paid fees to a fake Moroccan lender?
Stop all payments, keep screenshots and transfer receipts, then file a complaint at the police station or with the Crown prosecutor. Also report the advert on E-Blagh and alert the transfer agency you used to try to block the withdrawal.