Rabat – A recent study from the World Bank reveals that only 44% of Morocco’s adult population have bank accounts.
Aiming to evaluate financial inclusion in developing countries, the study further indicated that bank account ownership declined significantly among Morocco’s poor adult population as it averages 34%.
Bank account ownership is especially low among the country’s female population as only 33% of Moroccan women own bank accounts, according to the survey.
In all surveyed countries, bank ownership seems to be higher among older adults than among younger adults between the age of 15 and 25.
Higher rates of bank account ownership among the older adult population is a global issue, noted the World Bank survey.
But the trend is more prominent in developing nations, as in some areas like the West Bank and Gaza the rate of bank account ownership among older adults is twice as much as that of younger adults.
While the age gap in bank account ownership is not as high in Morocco and Jordan, the report pointed out, it remains in double digits.
The global age gap average in bank account ownership is 15%, according to WB data.
In accounting for the low rate of financial inclusion among developing countries, the World Bank’s report identified lack of money, high fees for banking services, geographical barriers, and religious reasons as being among the main factors. 19% of Morocco’s unbanked populations cited religious barriers as the main reason for not using banking services.
The survey further confirms findings from previous research showing that despite Morocco’s efforts to digitize its economy, cash remains the king of payments.
A little more than 5% of Moroccans use their bank accounts to pay for their bills, suggesting that the bulk of payments in the Kingdom is still made in cash.
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