40% of Moroccan Women now use banking services.
Rabat – Bank al Maghrib, Morocco’s central bank, has revealed in its 15th annual report on financial services in the country that more and more Moroccan women now have access to a bank account. The rate of participation in banking has risen 3% from the end of the fiscal year 2017, reaching 40% at the end of 2018.
Despite this recent increase, the banking rate for Moroccan women remains low compared to men. Whereas Bank Al Maghrib’s figures put the percentage of Moroccans with at least one bank account at 60% of the population, this number is lower for women, at 40%, than it is for men, at 77%.
However, these recent developments showcase that this gap can be bridged soon. Women are increasing their rate of participation in the banking system faster than their male counterparts, going from 37% in 2017 to its actual figure of 40%, as men’s participation has stagnated at its previous rate of 77%.
Young people, aged 15 to 24, have also increased their level of participation in banking, going from 23% in 2017 to 24% currently. Amongst other segments of the population, older Moroccans (over 60 years old), have the highest rate of access to financial services, at 83% , where 69% of Moroccans aged 25 to 59 have at least one bank account.
According to the World Bank, these developments indicate improvements in the situation of Moroccan women. As better access to financial services makes women more likely to save, invest in their families and contribute to overall economic growth. In addition, women with independent bank accounts are more likely to have a say in household financial decisions.
These benefits also improve the socio-economic situation of morocco as a whole. A higher rate of participation in banking, the World Bank explains, leads to job creation, better access to education, and better financial resilience, especially for lower income households.