17.5 M people have a bank account, and 31.2 M accounts were opened in 2021

Bank Al-Maghrib (BAM) delivered this Thursday, June 30, detailed statistics on bank accounts at the end of December 2021, as well as the rate of ownership of bank accounts in Morocco. It shows that some 17.5 million people have a bank account, including 16.9 million natural persons and 0.6 million legal persons.

Thus, and at the end of December 2021, BAM indicates that some 31.2 million open accounts had been identified at the level of the Central Bank Accounts, up 5% compared to 2020, noting that 2.1 million accounts n haven’t been eventful for at least a year.

Regarding checking accounts, the institution specifies that they cover more than 63% of open accounts (19.8 million) while passbook accounts represent 30% (9.4 million), noting also that 0.3 % of accounts opened (103,458) are denominated in foreign currencies, including 82% in euros.

Thus, and during the year 2021, 2.3 million new accounts were opened compared to 2.1 million in 2020, reports BAM, which indicates that 17.5 million people hold at least one bank account, of which less than 4 % of Legal Persons (PM), i.e. 644,338 and more than 96% of Natural Persons (PP).

In the details, the 17.5 M represent 37.4% of women and 62.6% of men let know BAM noting that the age group 60 years and over ranks first (3.4 million people) followed by 31 to 35 and 36 to 40 years old (each 1.9 million), while 49.4% of identified PPs hold only one open account, 27.8% two accounts and 12.4% three accounts.

Regarding people who opened an account for the first time, BAM indicates that 578,617 PP opened their first bank account in 2021 compared to 543,057 in 2020. In details, 45% of its people are women, 24% are elderly. between 21 and 25 years old and 15% between 19 and 20 years old while 94% are Moroccans residing in Morocco and 4% MREs.

This brings us to the bank account holding rate, which is defined by BAM as the number of residents with at least one active bank account compared to the resident adult population.

At the end of 2021, this bank account holding rate stood at 53%, i.e. almost the same rate as in 2020. PPs with at least one open bank account increased from 85,314 to more than 14 million PPs and the adult population increased from 388,686 people to 27 million at the end of 2021.

In addition, BAM specifies that the rate of holding bank accounts by gender has fallen from 67% to 66% of the male adult population and has remained stable at 40% of the female one.

The age group with the highest rate of bank account holding is “ 40 to 45 years old » for men (81.2%) and « 50 to 55 years old for women (48.7%), concludes BAM in its statistics.

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