Morocco’s Bank Account Ownership Rises 5%, Reaching 28 Million in 2019

In its annual report on banking supervision - fiscal year 2019, BAM specifies that the number of bank accounts held by individuals with at least one bank account relative to the adult population increased by one point, year-on-year, to 61%, 44% for women and 79% for men, compared to 40% and 77% respectively at the end of 2018.

According to the breakdown by age group, 28% of people aged 16 to 25 are bank account holders, compared to 24% in 2018. This proportion reaches 68% for people aged 26 to 60 and 82% for people over 61 years old.

As for the accounts opened by participatory banks, the central bank reports that they have increased from 56,000 to 87,000 accounts at the end of 2019. Regarding the number of bank cards, it increased by 7.3% to 16.2 million at the end of 2019. In parallel, the fleet of automated teller machines (ATMs), with a growth rate of 4.4% compared to 3.8% the previous year, stood at 7,613 units at the end of 2019, it is specified.