MOROCCO : Bank Al-Maghrib, 5.2% Growth in Number of Moroccan Bank Accounts

  • 23 July 2021 / News / 180 / Sidibe

MOROCCO : Bank Al-Maghrib, 5.2% Growth in Number of Moroccan Bank Accounts

Rabat - Morocco's Bank Al-Maghrib (BAM) has observed a 5.2% growth rate in opened bank accounts during 2020, compared to 2019.

Moroccans held almost 30 million open bank accounts associated with central banking by the end of the last year, BAM found in its most recent report on "Bank Account Statistics," suggesting an increase of 5.2% compared to 2019.

Of all the accounts, some 1.9 million were inactive throughout 2020, or 8%. "On notebook" accounts represent nearly 30% of all accounts, checking accounts make up about 63% of the total, while current accounts make up only about 4%. Other accounts are only about 0.4% of the total.

The number of new bank accounts opened in 2020 fell by approximately 20% from 2,671,160 in 2019 to 2,059,303 in 2020.

BAM estimates that approximately 0.3% of all accounts, or 93,432, are held in foreign currencies; the majority of these, 82.5%, are in Euros.

The statistics show that approximately 63% of all bank accounts are owned by men, while 37% are owned by women, which are similar to last year's numbers. In 2020, 56% of those who opened their first bank accounts were men, and 44% were women.

There are nearly 17 million bank accounts in Morocco, a 4.5% increase since 2019.

Read aslo: Morocco Has Highest Population Without Access to Banking Institutions 

According to the report, 8014283 individuals hold one banking account, which equals 52% of all banking customers.

There are 4,189,533 people with two accounts, or 27% of all account holders. A total of 2,717,449 people had three bank accounts, which accounted for 18% of the total, while 225,804 people had four or more bank accounts, which accounted for 3% of the total.

Based on the same report, the highest rates of bank account ownership were recorded among the "40-45" age group of men with 81% having accounts, and women aged 50-55 with 49%.

In terms of Moroccans residing abroad (MREs), only 3.3% of bank accounts were theirs, while Moroccans residing in Morocco held approximately 95% of all local bank accounts.

source: Morocco World News

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