In its latest annual ranking of Africa’s top 100 banks for 2024, The Banker magazine has recognized Morocco’s banking prowess with three major institutions securing positions in the top 10:
- Attijariwafa Bank (6th)
- Banque Populaire (7th)
- Bank of Africa (8th)
This year’s ranking highlights a striking contrast between the performance of Moroccan banks and those from other leading African economies, such as South Africa and Nigeria, which have been hit hard by currency devaluations and economic slowdowns. While South Africa’s banking sector remains dominant in terms of total assets, Moroccan banks stand out for their resilience, supported by the relative stability of the dirham and a decline in inflation.
Morocco’s leading trio
Morocco’s top three banks have shown impressive growth. Attijariwafa Bank recorded a 15.6% increase in Tier 1 capital, while Banque Populaire and Bank of Africa posted respective gains of 10.8% and 16.5%. These figures have allowed them to maintain their strong positions from last year’s rankings.
Aiming for Africa’s second largest banking market
Morocco is already the second-largest banking market on the continent by assets, trailing only South Africa. However, it appears poised to surpass Egypt as the second-largest market by Tier 1 capital due to further devaluations of the Egyptian pound in 2024, according to The Banker’s report. Moroccan banks collectively saw a 13.7% increase in Tier 1 capital, further cementing the country’s pivotal role in Africa’s banking landscape.
This success comes in the face of a broader continental trend, where 52 banks saw their assets shrink, primarily due to the weakening of local currencies against the dollar.
Morocco’s banks in the African top 100:
- 6th: Attijariwafa Bank
- 7th: Banque Populaire
- 8th: Bank of Africa
- 20th: Société Générale Maroc
- 24th: Crédit Agricole du Maroc
- 29th: Crédit Immobilier et Hôtelier
- 34th: Banque Marocaine pour le Commerce et l’Industrie
- 37th: Crédit du Maroc
Moroccan banking sector: A pillar of economic growth
The collective success of these banks underscores the vitality and potential of Morocco’s banking sector, which plays a key role in driving the Kingdom’s economic development and strengthening its influence across the African continent. With steady growth and robust financial performance, Morocco’s banking sector continues to position itself as a powerhouse in Africa, leading the charge for sustainable economic progress.
