A total of 2.3 million new accounts were opened by the end of 2021, up compared to 2.1 million recorded in 2020, said Morocco’s central bank, Bank Al-Maghrib (BAM) in its latest annual report published this Thursday.
Additionally, a total of 31.2 million open accounts have been identified at the level of the Central Bank Accounts at the end of December 2021, up 5% compared to 2020, added BAM in its data published on bank accounts for 2021.
Checking accounts cover over 63% of open accounts, equivalent to 19.8 million, and book accounts represent 30% (9.4 million), added the same source.
The data also shows that 2.1 million accounts have not been active for at least a year, while 0.3% of open accounts (103,458) are denominated in foreign currencies, including 82% in Euro, according to the same source.
The report adds that a total of 17.5 million people has at least one bank account.
In terms of gender, the majority of bank account owners are men (62.6%), while only 37.4% of bank accounts are owned by women.
Most bank account owners are aged 60 and above with a total of 3.4 million people, said BAM.
The age groups 31-35 and 36-40 come next, with a total of 1.9 million people each, added the same source.
49.4% of identified have only one account open, while 27.8% have two bank accounts, and 12.4% own three accounts, BAM further stated.
Newly opened accounts
A total of 578,617 people have opened their first bank account in 2021, up compared to 543,057 recorded in 2020, of whom 45% are women, 24% are aged between 21 and 25, and 15% are between 19 and 20, said BAM.
94% of them are Moroccans residing in their home country, and 4% are Moroccans living abroad, added BAM.
Bank account ownership rate
The holding rate, defined as the number of residents with at least one active bank account as a proportion of the adult resident population, reaching 53% at the end of 2021, almost the same as in 2020, specified BAM in its annual report.
The number of people with at least one bank account increased from 85,314 to over 14 million, and from 388,686 to 27 million by the end of 2021, added BAM.
Regarding the rate of bank account ownership by gender, 67% to 66% are men, while the rate remained stable at 40% for the female population.
The age group with the highest rate of bank account ownership is 40 to 45 for men (81.2%), and 50 to 55 for women (48.7%), concluded BAM in its annual report.
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