Your money | Bank Al-Maghrib has just unveiled its annual report on financial market infrastructures and means of payment for the year 2023. The figures reveal an accelerated digitalization of transactions in Morocco.
Moroccan banking sector shows robust growth. The number of individual deposit accounts increased by 7% in 2023, reaching 30.4 million accounts. The outstanding balance of these accounts increased by 3% to stand at nearly 827 billion dirhams.
The Casablanca-Settat region maintains its dominant position with 33% of the volume of deposit accounts and 30% of their overall value, followed by the Rabat-Salé-Kénitra region (14% in volume and 16% in value).
M-Wallets are experiencing spectacular growth. The overall outstanding amount increased from 7.7 million at the end of 2022 to 10.4 million at the end of 2023, an increase of 35%. Payment institutions dominate this market with 72% of the total M-Wallets issued, representing 7.4 million units.
Payment by credit card continues to grow. In 2023, we record:
- 164.4 million payment transactions for 57 billion dirhams (+22% in number, +19% in value)
- 402 million withdrawal operations for 399 billion dirhams (+12% in number)
Contactless payment is gaining groundrepresenting 57% of transactions via TPE in 2023, compared to 52% in 2022. E-commerce payments increased by 20% in number, reaching 32.1 million operations for 9.9 billion dirhams.
International transactions show strong recovery. Transactions carried out by international cards in Morocco reached 38.3 million operations for 41.7 billion dirhams, an increase of 58% in number and 43% in value.