Banking industry in Morocco - statistics & facts
The banking sector in Morocco, traditionally a cash-dominated society, has experienced significant growth in recent years. This growth is evident in the fact that three Moroccan banks are now ranked among Africa's top 10 leading financial institutions. Moreover, financial literacy has been steadily rising among Moroccans, as reflected in the increase of individuals with accounts at financial institutions—from 28% in 2020 to 42.2% in 2024. Over the past few years, a growing portion of the population has gained access to a variety of financial services, including mobile banking, debit and credit cards, and online transactions. Additionally, Islamic banking first set foot in the country in 2017 and has established 196 branches thus far. Given these advancements, how developed is Morocco’s banking sector when viewed both globally and regionally?
Looking ahead, the rise of fintech startups, combined with the country’s push for greater financial inclusion, is likely to further accelerate the adoption of digital banking. Digital banking innovations, such as blockchain, artificial intelligence, and mobile payment systems worldwide and in Africa, are expected to revolutionize the way Moroccans interact with their finances. The question now is not if, but how quickly Morocco will fully embrace the digital financial revolution.
A market overview
In North Africa, the banking landscape is largely shaped by Egyptian, Algerian and Moroccan banks, that dominate the sector in terms of total assets. Among these, Morocco’s Attijariwafa Bank stands out as the largest, holding 67 billion U.S. dollars in assets as of 2024. Close behind are Banque Centrale Populaire and Bank of Africa (BMCE), respectively. While these banks lead in financial strength, CIH Bank stands at the top with a customer satisfaction rate of 74 percent. When it comes to the overall structure of Morocco’s financial sector, credit institutions and collective investment schemes hold most of the industry’s assets, accounting for 61 percent and 21 percent market share, respectively. On the other hand, though in its early stages, Islamic banking is gradually growing in North Africa and holds a modest two percent market share in Morocco. But what banking services are currently trending among Moroccan users?Online banking inclusion – how far along is Morocco?
As of 2024, online banking penetration in Morocco remains relatively low, standing at just 2.68 percent, but it is expected to reach 5.66 percent by 2029. Despite this modest starting point, the country’s banking sector is evolving rapidly. Increasingly, individuals and businesses are turning to digital platforms for transactions, account management, and access to financial services. Therefore, Moroccan banks are working to enhance their online offerings, with mobile banking apps emerging as key tools for customers seeking convenience and improved service. By 2023, around 7.3 percent of the population aged 15 and older had used a mobile phone or the internet to pay bills, marking a notable step in digital adoption. The use of mobile wallets has also surged, with around 8,010 users in 2022, more than doubling from the amount recorded in 2020. Furthermore, mobile money accounts (a growing financial service across Africa) have gained traction in Morocco, with an ownership rate of 6.3 percent,demonstrating a slight increase from the previous year.Looking ahead, the rise of fintech startups, combined with the country’s push for greater financial inclusion, is likely to further accelerate the adoption of digital banking. Digital banking innovations, such as blockchain, artificial intelligence, and mobile payment systems worldwide and in Africa, are expected to revolutionize the way Moroccans interact with their finances. The question now is not if, but how quickly Morocco will fully embrace the digital financial revolution.
