Morocco, which relies heavily on the export of raw materials and agricultural products, alongside sectors such as tourism and telecommunications, is working hard to develop its financial sector and improve financial inclusion.
Historically, Morocco operated on a predominantly cash-based system. However, the country is rapidly modernising and has engaged in the digitalisation of its financial sector – although it retains much of its ancient architecture and even more of its traditional customs.
But as digitalisation, particularly accelerated during the pandemic, reshapes the financial landscape, what does the future of fintech look like in Morocco?
Financial Hub
Casablanca (Ranked globally 56th)
Key Economic Development Strategy
Economic, financial services and fintech overview:
According to the 2017 World Bank’s Global Findex Report, only 29 per cent of adults had a bank account. By 2021, this figure surged to 44 per cent, reflecting the rapid adoption of digital financial services. Concurrently, cash usage has declined, with 43 per cent of consumers indicating reduced reliance on cash for in-store transactions.
Conversely, digital payments have witnessed a surge, with nearly half of consumers (49 per cent) reporting increased usage. This shift appears to be enduring, with 46 per cent expressing a preference for contactless payment methods in the future. Moreover, over four-fifths of consumers exhibit high levels of confidence in contactless cards.
Banks constitute a significant portion of Morocco’s financial system, with entities like Groupe Banque Populaire and Attijariwafa ranking among the largest banks in Africa. Traditional financial institutions are investing in new technologies to remain competitive, with many adopting fintech services such as mobile banking and digitised platforms.
Morocco boasts a mature mobile market, evidenced by a penetration rate of 137.5 per cent. Maroc Telecom, Inwi, and Orange stand as the Kingdom’s three major telecom providers. Internet penetration reached 83 per cent in 2020, marking a significant increase from 71 per cent in 2019.
Given the sizable Moroccan diaspora, remittances play a pivotal role in the country’s economy, contributing to almost eight per cent of GDP. Prominent fintech ventures originating from Morocco include OnePay (specialising in online bill payments), MeilleurCreditmmo (an online comparison platform), and SYPEX (offering trade management solutions).
Fintech highlights timeline in Morocco:
2013 – Bank Al Maghrib (BAM) set up the Moroccan Foundation for Financial Education,
2014 – Banking Law by BAM, payment institutions with a scope of activity limited to small-value transactions
2014 – Before 2014, only Maroc Telecommerce was authorised to process online credit card payments in the country (monopoly ended and others like AmanPay, PayZone and F-Pay entered)
2015 – BAM passed the first banking law (first since 2006)
2018 – BAM launched the National Financial Inclusion Strategy (NFIS)
Key statistics:
