The BCP Group (Banque Centrale Populaire) has at least a million bank accounts of Moroccan expatriates representing a market share of more than 52%.
Rabat – In partnership with Ipsos, the Paris-based multinational market research company, Morocco’s Banque Centrale Populaire has begun to explore how to better understand the tendencies and the needs of Moroccans residing abroad.
The research will be implemented through surveys, which will be later shared with the public.
“This will allow, through surveys carried out among this population, to better understand its trends and needs, which will be shared with the general public and the entire Moroccans of the world’ ecosystem.”
Within the framework of this mechanism, BCP-Ipsos have conducted their first survey using a sample of 1,500 Moroccans of all ages, residing in 10 different countries across the world.
The survey reveals that 59% of the sampled population declared possessing at least one property in their country of origin.
They also visited Morocco at least twice a year in normal circumstances while a good number of the target population shared plans of definitively settling in Morocco in the future, according to the survey.
Regarding investment, roughly 45% of the sampled population would like to launch a project in Morocco.
In the context of the COVID-19 health crisis and the subsequent financial impact on the population, the survey revealed that the crisis had strongly impacted the finances of 20% of the surveyed Moroccan expatriates.
The impacted population said the crisis impacted their job, income, and therefore their financial stability. This is the case of people residing in Spain, Italy, and the Middle East and who are all working in the service sector, namely catering and hospitality.
Moroccans residing abroad were not as financially impacted, explaining their continued monetary transfers into Morocco, which maintained a high rate. Transfers of foreign currency into Morocco, heavily contribute to supporting the Moroccan economy, according to the survey.
The continued transfers confirm the bond between the Moroccan diaspora and their country of origin.
Banque Populaire is available to Moroccan expatriates in more than 10 countries, informing them of special banking services and acting as a local intermediary between them and the BCP in Morocco which assists them in carrying out the day-to-day formalities relating to their accounts in Morocco.
The Banque Centrale Populaire is established in ten European countries, namely France, Belgium, the Netherlands, Germany, Italy, Great Britain (including Gibraltar), Spain, Denmark, and Switzerland, through fully-fledged banks with a European passport, or through Representative Offices.