As Morocco’s economic landscape continues to shift, the consumer credit market is evolving in response to new household expectations. Rising inflation, increasing digitalization, and changing spending habits are forcing industry players to continuously adapt to stay competitive. In this dynamic environment, WAFASALAF, a longstanding leader in household financing, has successfully strengthened its position in 2024, delivering solid financial results and earning greater public recognition.
Beyond its strong financial performance, customer relationships have played a key role in WAFASALAF’s success. By prioritizing accessibility and enhancing user experience, the company has won the Customer Service Award for the second consecutive year and was ranked among the top three most beloved brands in Morocco at the LOVE BRAND AWARDS. This recognition highlights a broader trend in the credit sector: the growing importance of offering consumers flexible, accessible financial solutions tailored to increasingly tight budgets.
The company’s financial results reflect this market shift. In the last quarter of 2024, net loan production reached 2.08 billion dirhams, marking a 27.62% increase compared to the previous year. Cumulative production also grew by 20.15%, driven by financing for personal expenses, household equipment, and automobile purchases. Meanwhile, total outstanding loans rose by 11.31% to 18.62 billion dirhams, and net banking income increased by 7.82%, bolstered by growth in leasing and credit operations.
But behind these figures lies a deeper transformation in the sector. The increasing digitalization of financial services, changing consumer behaviors, and the demand for more personalized support are prompting credit institutions to rethink their approach. While over-indebtedness remains under control, it remains a critical concern, alongside the need to make financing more accessible to a broader customer base.
In this evolving landscape, WAFASALAF exemplifies how a legacy financial institution can adapt through innovation and customer loyalty. As trust and transparency become key factors in consumer decision-making, the company’s ability to balance modernization with reliability positions it as a leader in Morocco’s credit market.
