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?
