Morocco’s banking sector is making waves in the Middle East and North Africa (MENA) region, with four of its banks ranking among the top 50 most valuable banks in the region in 2023, according to Forbes Middle East. The banks’ solid liquidity buffers, low-cost and stable customer deposits are cited as reasons for their immunity to financial unrest.
Attijariwafa Bank, Morocco’s largest bank, took the 18th spot in the ranking, followed by Banque Centrale Populaire (BCP Group) at 24th, Bank of Africa at 32nd, and CIH Bank at 49th, according to a report by Moody’s. These banks’ deposits are also lower cost than those at conventional banks, according to the report, which supports their profitability in times of high-interest rates.
This achievement demonstrates Morocco’s commitment to developing a stable and resilient financial system that can withstand external shocks. It is a testament to the banks’ ability to provide sustainable and reliable financial services to their customers, even during difficult times.
Morocco’s banking sector has been growing steadily over the past few years, thanks to regulatory reforms that have improved the banking system’s transparency and stability. The sector has also benefited from the country’s economic diversification efforts, which have led to the emergence of new industries and businesses that require reliable financial services.
The MENA region’s banking sector is dominated by Saudi Arabia and the UAE, which have ten entries each in the top 50 most valuable banks list. However, Morocco’s presence on the list is an indication that the country is well-positioned to compete with its larger neighbors in the region.
Morocco’s banks have been working to expand their operations beyond their home market, with many of them establishing a presence in other African countries. This move has helped them to diversify their revenue streams and mitigate risks associated with a single market. It has also enabled them to tap into the continent’s growing middle class and the opportunities presented by its fast-growing economies.