Morocco banking transformation digital cash resistance 2024

The Moroccan financial landscape is experiencing genuine restructuring. The gradual departure of certain international establishments, particularly French ones, is freeing up major strategic space for national groups. These are consolidating their positions and continuing their expansion in Africa, where they already have 45 subsidiaries, according to information relayed by Le Matin. Mohammed Berrada, Advisory Director at KPMG in Morocco, believes this "structural turning point" requires "increased capacity for adaptation" to boost competitiveness and customer proximity.

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On the technological front, new players are shaking things up with the emergence of 100% digital banks and integrated payment solutions. However, a paradox remains: the country’s overall digital maturity is not yet translating into genuine financial inclusion. Zineb Sefrioui, expert at KPMG, warns that "the challenge is no longer purely technological, but strategic". Retailers must absolutely transform these connected habits into real performance drivers.

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While the sector rests on solid foundations with 93 credit institutions and 2,414 billion dirhams in total outstanding, the challenge of daily usage remains significant. Currently, 58% of adults have an account, but it often serves only to withdraw their salary. Cash still reigns supreme, representing 90% of transactions with nearly 450 billion dirhams in circulation. Banks must now stimulate the use of digital services while guaranteeing the security and profitability of their operations.