In the 2024 edition of Africa’s Top 100 Banks, Morocco secured a prominent position with nine banks represented, making it the second most-represented country on the continent, behind Egypt, which had 19 institutions.
Attijariwafa Bank led the Moroccan contingent, ranking second in North Africa and third overall in Africa.
Recognized as a powerhouse in the region, Attijariwafa Bank remains one of the most influential financial institutions on the continent.
Banque Centrale Populaire (BCP) followed closely, securing the fifth spot in Africa.
The bank’s emphasis on risk management, particularly its provisions for bad loans, has been instrumental in maintaining its profitability.
BMCE Group improved its standing, ranking tenth in Africa, buoyed by an increase in Tier 1 capital from $2.8 billion in December 2022 to $3.2 billion in December 2023.
Moroccan banks, similar to their North African counterparts, have weathered a challenging economic environment by fortifying defenses against bad loans.
Higher interest rates have boosted profits for many major banks, though not all have thrived. Crédit Agricole du Maroc struggled in 2024, posting nearly no return on equity.
Despite the dominance of Egyptian banks, particularly the National Bank of Egypt, Attijariwafa Bank’s rising influence underscores Morocco’s ability to navigate economic challenges and seize business opportunities.
The successes of BCP, Bank of Africa, and Attijariwafa highlight the resilience of Moroccan banking.
Other countries also made strides in the 2024 ranking. Nigeria’s Zenith Bank ranked sixth with $3.8 billion in Tier 1 capital, while Access Bank placed eighth. South Africa had two banks in the top 10, contributing to a total of five institutions on the list.
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