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Rabat – Morocco’s central bank, Bank Al Maghrib, has reported a 5% increase in the number of bank accounts in 2019, bringing the total number of accounts to more than 28 million.
The number represents a slight increase from a year prior. Bank Al Maghrib recorded a 4.7% increase in the number of bank accounts in Morocco in 2018.
The central bank said that 61% of adults in Morocco have at least one bank account. The figure is an increase of 1% from the year before.
Across genders, 44% of women and 79% of men have bank accounts in Morocco. The figures are slightly different from those recorded in 2018, when 40% of women and 77% of men had bank accounts.
Approximately 28% of people aged between 16 and 25 have a bank account, compared to 24% in 2018.
In 2019, 68% of people aged 26 to 60, and 82% of people 61 and older, had bank accounts.
Bank Al Maghrib reported that the number of accounts opened with participatory banks in Morocco increased from 56,000 to 87,000 at the end of 2019.
The number of bank cards increased by 7.3%, amounting to 16.2 million at the end of last year.
The number of ATMs also grew by 4.4% against a growth of 3.8% in 2018. Morocco had 7,613 ATMs at the end of 2019.
On July 27, the Interbank Electronic Banking Center (CMI), said that the total electronic payment activity in Morocco was worth MAD 148.4 billion ($15.9 billion) in the first half of 2020, with a total of 171.5 million transactions within the period.
The electronic transactions include cash withdrawal operations, ATM payments with bank cards, and cash advance operations through Moroccan and foreign bank cards.
