Morocco’s central bank reported continued growth in financial inclusion, with more than 38.2 million bank accountsopen in the country by the end of December 2024. According to Bank Al-Maghrib, this represents a 5.2% increasecompared to 2023.
In its latest annual report on banking statistics, the bank revealed that check accounts make up the majority of these, accounting for 64% of total accounts (24.3 million), followed by savings accounts at 30% (11.3 million). Current accounts represent 5% (1.8 million), while foreign currency accounts make up a marginal 0.3% (123,945 accounts), with 76% of those denominated in euros.
Slower Account Openings, but Expanding Ownership
Despite the overall rise, the number of new accounts opened in 2024 reached 3.1 million, marking a 6.1% decreasecompared to the previous year.
A total of 19.1 million individuals now hold at least one bank account in Morocco. Of these, 18.5 million are natural persons (individuals), while 589,026—or 3.1%—represent legal entities such as companies and organizations.
Among individuals with bank accounts, 39% are women and 61% are men. The highest proportion of account holders is found in the 60+ age group, with 4.3 million people, followed by the 35–45 age group with 3.8 million, and 1.8 millionunder the age of 25.
Ownership varies in terms of number of accounts per person:
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47% of individuals have one account
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29% have two accounts
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13% maintain three accounts
In 2024, 883,579 individuals opened their first-ever bank account, slightly more than the 874,947 first-time account holders in 2023.
Bank Account Ownership Rate Hits 58%
The bank account ownership rate, defined as the number of residents with at least one active bank account relative to the adult population, reached 58% by the end of 2024—up from 54% the previous year. This improvement is largely attributed to updated population data from Morocco’s 2024 national census, which replaced prior projections in calculating financial inclusion metrics.
In terms of active individual account holders, the number increased by 3%, reaching 15.4 million by the end of 2024.
Gender and Age Disparities Persist
The report highlighted a continued gender gap in banking access:
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For men, ownership rose from 67% to 70%
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For women, it improved from 42% to 46%
Age-based disparities also emerged:
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The highest ownership rate among men is in the 25–30 age group, at 82%
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Among women, the highest rate is in the 60+ category, at 56%
Bank Al-Maghrib’s data points to steady progress in Morocco’s efforts to expand access to financial services. However, the figures also reveal persistent gaps by gender and age, as well as a slowdown in new account openings, underscoring the need for targeted policies to further financial inclusion.
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