Rabat – The number of bank accounts in Morocco rose significantly between 2020 and 2021, going from 26.5 million to over 29 million.
The increase in the number of bank accounts in Morocco signals that the country is gradually addressing the issue of financial inclusion, according to a recent report from Morocco’s central bank, Bank Al-Maghrib (BAM).
The BAM report further reveals that the volume of bank-issued loans rose slightly by 3.3%, from MAD 295.3 billion ($27 billion) to MAD 305 billion ($28 billion).
Despite the overall improvement in financial inclusivity that the data shows, the geographical distribution of baking institutions and bank account holders suggests a striking gap in financial inclusion between Moroccan provinces.
Morocco’s Casablanca-Settat province currency accounts for 29% of the number of banking accounts in the country, and 31% of the overall volume of banking deposits.
The second region on the list is unsurprisingly Rabat-Sale-Kenitra, with 16% of the overall number of bank accounts and deposits’ value, the report details.
Regarding the gender dimension of the issue, the report shows that bank account holders in Morocco are largely men (almost two-thirds). The number of bank accounts held by women has increased slightly on an annual basis, from 37% in 2020 to 38% in 2021.
In terms of access to banking loans, men accounted for 66% of loans issued by financial institutions in 2020, while women held only 34% of the overall number of loans. The figures remained unchanged in 2021.
Noting the age distribution of bank account holders, the report shows that the bulk of bank accounts in Morocco is held by people aged 26 to 55 years old, accounting for 62% of the overall volume of bank accounts.
Read Also: Survey: Only 44% of Moroccan Adults Own Bank Accounts
