Banks in Morocco

Are you looking for the best banks in Morocco? Morocco’s banking sector is dominated by three major local banks: Attijariwafa Bank, Credit Populaire du Maroc, and Banque Marocaine du Commerce Exterieur.
Morocco is a North African country bordering the Atlantic Ocean and the Mediterranean Sea. It is also known for its cultural influences of Berber, Arabian, and European. The Djemaa el-Fna square in Marrakesh’s medina. The Kasbah of the Udayas in Rabat, Morocco’s capital.

Banks in Morocco

In the country, there were 76 financial institutions, including 16 commercial banks, 37 financing firms, 6 offshore banks, and 14 microfinance associations. Around 64 per cent of the country’s total assets are held by the country’s three largest banks.

Bank Al-Maghrib

The Bank Al-Maghrib is the Moroccan government’s central bank. It was established in 1959 to replace the “Banque d’Etat du Maroc.” In 2008, Bank Al-Maghrib maintained foreign currency reserves of an estimated US$36 billion.

Attijariwafa Bank

Attijariwafa Bank, situated in Rabat, Morocco, is a Moroccan multinational commercial bank and financial services corporation. It is Morocco’s premier bank and the country’s largest commercial bank, and it is owned by Morocco’s Alaouite Dynasty’s holding company, SNI.

Crédit Populaire du Maroc (Groupe Banque Populaire)

Morocco’s Banque Centrale Populaire is an important financial institution. Germany, England, Canada, Spain, France, Gibraltar, the Netherlands, and Belgium are among the bank’s international locations. BCP is the abbreviation for the bank’s name. In 2012, the bank had a market share of 27.9% in Moroccan customer deposits.

Other Banks in Morocco

Crédit Agricole du Maroc

BMCE Bank (Banque Marocaine du Commerce Extérieur)

Société Générale

BMCI – Banque Marocaine pour le Commerce et l’Industrie (Groupe BNP Paribas)

Upline Group (Groupe Banque Populaire)

Crédit du Maroc

List of banks in Morocco

This is a list of banks in Morocco.

• Bank Al-Maghrib
• Attijariwafa Bank
• Banque Marocaine du Commerce Extérieur
• Crédit Agricole
• Groupe Banque Populaire
• Crédit Immobilier et Hôtelier
• Banque Marocaine pour le Commerce et l’Industrie
• Société Générale Maroc
• Crédit du Maroc
• Al-Barid Bank
• Casablanca Finance Group
• Attijari Finances Corp.
• BMCE Capital
• CDG Capital
• Capital Trust
• ABN AMRO Maroc
• Arab Bank Maroc
• Banco Immobiliario y Mercantil de Marruecos
• Bank Al Amal
• Banque Marocaine pour l’Afrique et l’Orient
• Banque Nationale pour le Développement Économique
• Bex-Maroc
• Citibank
• Commerzbank

What American banks are in Morocco?

Some US banks are in Morocco. And some banks in Morocco are local correspondents for US banks.

Banque Marocaine du Commerce Extérieur (BMCE)

Banque Centrale Populaire (BCP)

Attijariwafa Bank.

Banque Marocaine du Commerce et de l’Industrie (BMCI)

Crédit du Maroc (CDM)

Société Générale (SGM)

How many banks are in Morocco?

In the country, there are 24 banks: five that are majority state-owned, seven that are majority foreign-owned, and five that are sharia-compliant participatory banks. In 2017, these Islamic financial institutions were granted banking licences for the first time.

How to choose a bank in Morocco?

Make sure to choose a bank that is close to your home while choosing a bank. You won’t be able to get account documentation or make changes in another branch, but you will be able to make deposits and withdrawals. Moroccan citizens go through a different process than residents, and it varies even from bank to bank.

You will receive a credit card once you open an account and deposit a minimum quantity of money. This card can be used at ATMs and everywhere in Morocco (and sometimes a free chequebook as well). You can also have your company direct deposit your salary into your account, and you can pay your rent using your bank account or online. Remember that the majority of retailers and eateries only accept cash. In Morocco, debit cards are not uncommon; to obtain one, simply go to the branch and request one; you will most likely be charged a fee.

You will receive a credit card once you open an account and deposit a minimum quantity of money. This card can be used at ATMs and everywhere in Morocco (and sometimes a free chequebook as well). You can also have your company direct deposit your salary into your account, and you can pay your rent using your bank account or online. Remember that the majority of retailers and eateries only accept cash. In Morocco, debit cards are not uncommon; to obtain one, simply go to the branch and request one; you will most likely be charged a fee.

Can foreigners open a bank account in Morocco?

You don’t have to be a Moroccan resident to open a bank account, but you won’t be able to open one in dirhams if you aren’t. After you’ve finished the application, you’ll need to schedule an appointment with the branch manager to sign your bank contract.

The cover image is somewhere in Marrakesh, Morocco. Photo by Mika on Unsplash