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Morocco’s Banking Sector Sees Significant Growth, Reaches New Milestone

Rabat - Morocco’s banking sector has continued to grow and evolve over the past few years, with a significant increase in the number of accredited credit institutions and similar bodies operating in the country. As of the end of 2022, Morocco is home to a total of 90 such entities, up from 84 just three years prior.

Breakdown of Banking Entities

  • There are now 19 banks operating in Morocco, including:
    • 6 offshore banks
    • 11 micro-credit associations
  • The number of finance companies has also increased, with 29 entities offering consumer loans, leasing services, real estate financing, and more.
  • Additionally, the country is home to 18 payment institutions and several other specialized financial bodies.
  • The number of participatory banks in Morocco has remained steady at 5, while the number of state-owned banks has also held constant at 5.
  • The number of foreign-owned banks, on the other hand, has decreased slightly from 7 to 6 over the past year.

Key Institutions

  • The Deposit and Management Fund (CDG) and the Central Guarantee Fund (CCG) are two important institutions that play a crucial role in the Moroccan banking sector.

Economic Impact

The growth of Morocco’s banking sector is seen as a positive sign for the country’s economy, which has been steadily recovering from the impacts of the global financial crisis. The increased availability of financial services and products is expected to benefit consumers and businesses alike, boosting economic activity and job creation.

Outlook

Overall, the latest figures suggest that Morocco’s banking sector is becoming increasingly diverse and sophisticated, with a wide range of institutions catering to different needs and preferences. As the country continues to develop its economy, it is likely that the banking sector will play an even more important role in driving growth and prosperity.