Morocco’s Banking Sector Grows: 17.5 Million Residents Hold Bank Accounts

In detail, these accounts were opened by 96% of individuals and less than 4% of legal entities, the same source specifies, noting that 37.4% of those with at least one bank account are women, compared to 62.6% for men.

The "60 and over" age group ranks first (3.4 million people), followed by "31 to 35 years" and "36 to 40 years" (each 1.9 million), the central bank said, adding that 49.4% of identified individuals hold a single open account, 27.8% two accounts and 12.4% three accounts.

In addition, 578,617 individuals opened their first bank account in 2021, according to BAM, of which 45% are women, 24% are between 21 and 25 years old, and 15% between 19 and 20 years old. 94% are Moroccans residing in Morocco and 4% are Moroccans living abroad.