In 2023, the Moroccan banking sector made significant progress, marked by a significant increase in the number of accounts opened. According to data from the bank account clearinghouse (Centrale des comptes bancaires), the total number of accounts opened rose to 36.3 million, representing growth of 7.2% compared with 2022. This positive trend reflects improved financial inclusion and greater confidence in the banking system. The development of bancarization is an essential indicator of the country’s economic health. By facilitating access to banking services, Morocco is not only strengthening the financial stability of its citizens, but also laying the foundations for inclusive and sustainable economic development. Checking accounts dominate the banking landscape with 23 million accounts, representing 63% of accounts opened in 2023. Checking accounts follow with nearly 11 million, or 30% of the total. Accounts denominated in foreign currencies, although representing a minority, number around 114,917, of which 80% are in euros.
In terms of new account openings, the year 2023 saw the addition of 3.3 million accounts, marking an 8.6% increase on the previous year. 874,947 individuals opened an account for the first time, compared with 645,412 in 2022, with Moroccan residents predominating (92%). The central bank reports that 18.2 million people have at least one bank account, of which 839,253 are legal entities (5%). Among individuals, women account for 38%, compared with 62% for men. People aged over 60 make up the largest group, with 4 million accounts, i.e. 23% of holders, followed by the 35-40 and 40-45 age groups, each accounting for 11%.
The bancarization rate reached 54% at the end of 2023, compared with 53% the previous year. This increase, albeit modest, indicates progress towards broader financial inclusion. Three years after the launch of the National Strategy for Financial Inclusion (SNIF), significant progress has been made. As a reminder, the latest statistics published by the SNIF show the persistence of many disparities in terms of financial inclusion. Inequalities between men and women, city dwellers and rural dwellers, and young people and adults remain significant, an observation taken into consideration in the formulation of the new roadmap for the 2024-2027 period. With this in mind, the central bank, together with the various stakeholders, is working in particular to launch targeted initiatives in favor of the economic empowerment of rural women, with the support of EBRD and the collaboration of civil society players.
Fédoua Tounassi
