Financial Inclusion and New Banking Models in Morocco (African Scientific Journal)

Summary

• The adult account ownership rate in Morocco stands at approximately 53%, reflecting ongoing progress alongside notable urban-rural and gender disparities.p.24
• Usage of digital financial services is primarily transactional, led by balance checking (78.7%) and digital payments (71.3%).p.30
• Adoption of more complex financial products remains low, with digital savings at 41.3% and digital credit at 19.3%.p.30
• Data security concerns (63.3%) and a lack of information (61.3%) represent major user-perceived obstacles to digital financial inclusion.p.32
• Financial education is considered by 84.0% of survey respondents to be the most crucial lever for expanding financial inclusion.p.33

Key insights

1. Financial inclusion in Morocco remains primarily transactional, with limited adoption of savings and credit products.p.2
2. Formal account ownership among adults in Morocco stands at approximately 53%, leaving significant room for expansion.p.24
3. Digital access does not automatically convert into usage, as 86.0% have internet access but only 64.7% hold mobile payment accounts.p.29
4. Basic transaction services dominate digital engagement, with consultation of balances used by 78.7% of surveyed individuals.p.30
5. Digital credit faces low adoption among users, standing at only 19.3%.p.30
6. Data security is highlighted as a constraint by 63.3% of respondents evaluating digital banking solutions.p.32
7. Improving financial education is viewed by 84.0% of respondents as the most effective driver for sustainable inclusion.p.33