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Rabat – Bank Al-Maghrib, Morocco’s central bank, has announced that 58% of adult residents in the country had at least one active bank account by the end of 2024. This is an increase from 54% in 2023.
In its annual report on banking, the central bank said the increase is mainly due to the use of new population data from the latest national census. Previously, estimates were based on population projections.
The number of people with at least one active bank account rose by 3% in one year, reaching 15.4 million individuals.
The report also indicated progress in closing the gender gap in banking. In 2024, 70% of men had a bank account, compared to 67% the year before. For women, the rate increased from 42% to 46%.
When looking at age groups, the highest rate of bank ownership among men was in the 25-30 age group, with 82%. Among women, the highest rate was found in those aged 60 and older, at 56%.
Morocco has been working to improve financial inclusion over the past decade. Several programs and policies have focused on making banking services more accessible, especially in rural areas and among women.
Mobile banking and digital payment services are also helping more people open accounts and access financial tools without visiting a physical bank. In addition, government efforts to link social support programs to bank accounts have pushed more people to enter the formal financial system.
Still, there is room for improvement, especially when it comes to women’s access and financial literacy.
