BAM: 17.9 million bank cards in circulation in Morocco in 2021

Bank Al-Maghrib (BAM) has published the 18th annual report on banking supervision. It shows that the number of bank cards in circulation stood at 17.9 million in 2021, an increase of 4.1% compared to 2020.

According to the document, which takes stock of BAM’s activities in the field of banking supervision during the second year of the pandemic, most of these cards are used for cash withdrawal transactions, which represent 88.8%.

During this period, it is underlined, the progress in terms of vaccination and the maintenance of the budgetary and monetary stimulus, combined with the good results of the agricultural campaign, favored a rebound of the Moroccan economy.

In addition, said report shows an increase in the number of bank accounts opened on banks’ books by 4.6% to 31.2 million accounts.

The number of resident individuals with at least one bank account increased by 0.6% against 4.5% in 2020 to 14.2 million, while the rate of bank account holdings in 2021 was maintained at 53%. By gender, the number of men holding at least one bank account stood at 8.8 million, while women holding at least one bank account numbered 5.4 million.

Regarding payment accounts, BAM notes that based on the data collected from the 14 payment institutions, the number of payment accounts opened amounted to 5,495,199 accounts, compared to 2,687,586 in 2020.

These payment accounts are divided up to 35% for level 1 accounts, 50% for level 2 accounts and 13% for level 3 accounts, points out the Central Bank, specifying that 459,186 payment accounts are considered active, i.e. 8.4% of accounts opened at the end of 2021, and 99% of them are held by individuals. Accepting merchants and retail agents hold 48,231 payment accounts.

On the other hand, banks have opened 1,090,574 electronic accounts (m-Wallets), backed by bank accounts. Nearly 99% is privately owned. Accounts held by accepting merchants stand at 14,612 accounts.


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