Payment account funds safeguarding in Morocco: what law 103-12 says, and what it does not
Payment account funds safeguarding in Morocco: what articles 2, 12, 16 and 17 of law 103-12 say, what ChariPay adds, and what none of it promises.
Payment account funds safeguarding in Morocco is first a matter of law 103-12, which we quote without interpreting it. Under that law, funds recorded in a payment account are not funds received from the public (article 2); they must be "deposited in a global, separate and individualized account with a credit institution authorized to receive sight deposits," "distinctly identified and ring-fenced in the accounts of payment institutions," and the balance of that global account cannot be subject to any garnishment (saisie-arrêt) by the creditors of the payment institution (article 17). This guide goes through those articles, what ChariPay adds to the legal framework, and what none of it means.
Payment account funds safeguarding: a question of law
"Is my money safe?" It is the right question to ask before trusting your collections to an account that is not a bank account. The answer starts with the status of whoever holds the account. The license is held by Chari Money, the payment institution that operates ChariPay, licensed by Bank Al-Maghrib under law 103-12. ChariPay is not a bank: your payment account is held by Chari Money.
That status determines the rules that apply to the funds. What a payment institution is, what it may do and how it is licensed is the subject of another guide, devoted to the payment institution in Morocco. Here, we stick to a single question: where the money is, and what the law says about it.
Two methodological precautions apply to every paragraph that follows. First, we quote the text without interpreting it or drawing any promise from it: the quotation marks carry the law, the rest explains where to read it. Second, for what these articles mean in your specific situation, only your advisor can give an opinion.
Caution also applies to discovering the product: before trusting it with a single dirham, you can see the account and the portal for yourself. Start in test mode takes three fields — name, work email, company — then an activation link received by email to choose your password; in the portal, you create your own test key after re-authenticating, and the full key is shown only once. Pay with the test card 4918 9141 0719 5005, CVV 123, any future expiry date, 3-D Secure code 555: no real money moves. Your business verification (KYB) runs in parallel and only gates the move to production.
Article 2: funds that are not funds received from the public
Article 2 of law 103-12 defines funds received from the public, then specifies that, among others, "the funds recorded in the payment accounts provided for in article 16 below" are "not considered funds received from the public" (our translation of the French text, as for every quotation in this guide).
To know which account this is about, you have to read article 16, which defines it. There, a payment account is "any account held in the name of a payment services user and used exclusively for payment operations."
The ChariPay account is a real payment account, held by Chari Money, a payment institution licensed by Bank Al-Maghrib, opened in your company's name, with a RIB in that name and a PDF certificate to download from the portal or through the API. It receives your collections and incoming transfers, and serves your payment operations.
Article 12: deposits remain the business of banks
Article 12 reserves deposits for banks: they "are the only ones that can be authorized to receive from the public funds payable on demand or with a term equal to or less than two years."
That is why the wording has to stay accurate. ChariPay is not a bank: your payment account is held by Chari Money. It complements your bank; it does not replace it. Your bank keeps what belongs to deposits, credit and savings; the payment account collects from your customers and executes your payment operations, and the payout to your bank connects the two.
The detailed, criterion-by-criterion comparison between a payment account and a bank account is in the guide to the payment account in Morocco, and we do not repeat it here. If you are weighing several "online account" options, also read what an online bank does and does not do for merchants: the law creates no "online bank" category.
Funds ring-fenced by the payment institution: article 17
Article 17 is the one that answers the question "where is my money?" most directly. We quote the passages that answer it, as they appear in the consolidated text published by Bank Al-Maghrib.
- 1The place. "The funds recorded in payment accounts must be deposited in a global, separate and individualized account with a credit institution authorized to receive sight deposits."
- 2The accounting. "These funds must be distinctly identified and ring-fenced in the accounts of payment institutions."
- 3The creditors. The balance of this global account "may not be subject to any garnishment (saisie-arrêt) by the creditors of the payment institution."
This guide reproduces these passages without drawing any promise from them about what happens to your funds in a given situation; it does not constitute legal advice, and only your advisor can give an opinion.
"Ring-fenced funds" is the term the law uses — "cantonnés" in the French text — alongside "distinctly identified." We do not comment on it beyond the text: it appears in article 17, which applies it to the accounts of payment institutions. Nor do we name the credit institution that holds the global account: that is not information we publish.
The table sums up the four articles quoted in this guide.
| Article of law 103-12 | What the text says |
|---|---|
| Article 2 | Among others, "the funds recorded in the payment accounts provided for in article 16" are "not considered funds received from the public." |
| Article 12 | Banks "are the only ones that can be authorized to receive from the public funds payable on demand or with a term equal to or less than two years." |
| Article 16 | A payment account is "any account held in the name of a payment services user and used exclusively for payment operations." |
| Article 17 | The funds "must be deposited in a global, separate and individualized account with a credit institution authorized to receive sight deposits" and "distinctly identified and ring-fenced"; the balance of this account "may not be subject to any garnishment (saisie-arrêt) by the creditors of the payment institution." |
What ChariPay adds to the legal framework
The law sets the framework; how the account is kept day to day matters too. Four operating rules come on top of what the text says.
- No overdraft, no credit. The account has neither overdraft nor credit: an outgoing operation that exceeds the available balance is blocked. No outgoing operation takes the balance below zero.
- Refunds that do not create an overdraft. The amount of a refund is deducted from your available balance, and if the balance is not enough, the operation is blocked rather than creating an overdraft.
- Double-entry bookkeeping. The platform keeps an internal ledger that is balanced at all times and reconciled daily.
- A history that cannot be rewritten, actions taken by two people. The audit log is cryptographically chained: history cannot be rewritten. Sensitive actions — payouts, adjustments, account freezes — require a distinct requester and approver.
These rules change nothing in what the law says; they describe how the account is kept. The full set of measures — strong authentication, continuous monitoring with alerts, sensitive data masked in logs — is presented on the security and compliance page.
What this does not mean
A well-quoted law can still be misread. Here are the misreadings we refuse to write, and that you should not read between our lines:
- No guarantee is promised here. The articles quoted organize the nature, the separation and the ring-fencing of the funds; we draw no guarantee from them, for any amount or any situation.
- ChariPay is not a bank. Your payment account is held by Chari Money, and the law creates no "online bank" category.
- The balance is not an investment. We promise neither interest on the balance nor any return.
- A legal text does not replace well-protected access. The articles quoted deal with funds and accounts; protecting your credentials and your approvals also depends on you.
For any question about your legal, tax or contractual situation, only your advisor can give an opinion. We quote the text without interpreting it or drawing any promise from it.
What depends on you: access to the account
The legal framework and the account-keeping rules govern the funds; access to the portal is protected on both sides. Portal access is protected by two-factor authentication (TOTP), re-authentication before every sensitive action and secured sessions. It is up to you to make the most of it: a personal login for every user, never shared; two-factor authentication (TOTP) turned on from your account settings; roles assigned as narrowly as possible; validation addresses for transfers chosen with care, since every transfer sent from the portal is validated by a one-time code sent to those addresses.
The best practices — access reviews, a team member leaving, approval of outgoing payments — are gathered in the guide to securing portal access.
The payment account alongside your bank
The payment account does not ask you to choose between it and your bank. It complements your bank; it does not replace it: it is opened in your company's name, with a RIB in that name and a PDF certificate to download from the portal or through the API, it receives your collections and incoming transfers, and it serves your payment operations. Your bank remains the destination of payouts and the home of your savings and financing.
In practice, the simplest setup is to pay from the payment account whatever can be paid from it — suppliers, bills, refunds — and to let the automatic nightly payout fund your bank. To learn about the institution that holds your account, the who operates ChariPay page presents Chari Money.
Frequently asked questions
Where is the money in my payment account deposited?
Law 103-12 answers in article 17: the funds recorded in payment accounts "must be deposited in a global, separate and individualized account with a credit institution authorized to receive sight deposits." We do not name the credit institution concerned. We quote the text without interpreting it; for your specific situation, only your advisor can give an opinion.
What does "ring-fenced funds" mean for a payment institution?
It is the expression used in article 17 of law 103-12: the funds recorded in payment accounts must be "distinctly identified and ring-fenced in the accounts of payment institutions." The rule therefore concerns the payment institution's accounts, in addition to the deposit in a separate global account. We quote the text without interpreting it or drawing any promise from it.
Can the payment institution's creditors seize my balance?
Article 17 of law 103-12 provides that the balance of the global account in which the funds of payment accounts are deposited cannot be subject to any garnishment (saisie-arrêt) by the creditors of the payment institution. We quote that rule as it appears in the consolidated text published by Bank Al-Maghrib; what it means in your situation, only your advisor can say.
Does law 103-12 guarantee the balance of a payment account?
We do not write that. The articles we quote — 2, 12, 16 and 17 — define the payment account, reserve deposits for banks and organize the separation and the ring-fencing of the funds; we draw no guarantee from them and promise none. ChariPay is not a bank. For a question about guarantees in your situation, only your advisor can give an opinion.
Is ChariPay a bank?
No. ChariPay is not a bank: your payment account is held by Chari Money, the payment institution that operates ChariPay, licensed by Bank Al-Maghrib under law 103-12. Article 12 of that law provides that banks alone can be authorized to receive from the public funds payable on demand or with a term equal to or less than two years. The payment account complements your bank; it does not replace it.
Who holds my ChariPay payment account?
Chari Money, a payment institution licensed by Bank Al-Maghrib. The account is opened in your company's name, with a RIB in that name and a PDF certificate to download from the portal or through the API. It receives your collections and incoming transfers, and serves your payment operations. The "who operates ChariPay" page presents the institution.
Can the payment account go into overdraft?
No. The account has neither overdraft nor credit: an outgoing operation that exceeds the available balance is blocked. The same goes for a refund: if the balance is not enough, the operation is blocked rather than creating an overdraft. So no outgoing operation can create an overdraft on your account.
Next step
Start in test mode to see the account and the portal before trusting them with real money. Then read the security and compliance page for the full set of measures, and put your legal questions to your advisor before going live.
Sources
Written by ChariPay team.