Casablanca - The presence of Moroccan banking and insurance companies in Africa has experienced considerable growth since King Mohammed VI’s ascension to the throne.
Casablanca – The presence of Moroccan banking and insurance companies in Africa has experienced considerable growth since King Mohammed VI’s ascension to the throne.
There are 32 countries in Africa where popular Moroccan banks and insurance companies have made their presence known, and this is a great news for the Morocco’s international economy.
The first banks to move to other parts of Africa, reports Le360, did so in the 80s, namely the Banque Popular in Central Africa and Guinea.
During his reign, King Mohammed VI has encouraged the internationalization of banks and insurance companies, knowing the positive impact this would have.
At this time, Morocco’s three major banks, Attijariwafa Bank, Banque Centrale Popular and BMCE Bank of Africa, are all committed to growing their presence in Africa, contributing to bettering relations between Morocco and other African countries.
Morocco also has 45 subsidiary banks on the continent, thanks to the development of Attijariwafa’s CBAO, Banque Populaire’s Banque Atlantique and BMCE’s Bank of Africa. These subsidiaries are present in all regions except Southern Africa — countries like Senegal, Cameroon, Niger and Burkina Faso, reports Le360.
Having banks and subsidiaries in Africa means more Moroccan investment in the content but also more support for Moroccan companies wishing to expand their horizons into Africa.
Insurance groups are also expanding into the content. Sahar Assurance, for example, is present in 23 countries since 2010. Wafa Assurance and RMA Watanya are also on their way to growing their presence.
Overall, the expansion of insurance and banking companies into the African continent is a win-win situation, both for the foreign country hosting the Moroccan entity and for Morocco itself.