Financial Services

Over the past decade, Morocco’s insurance market has seen rapid growth and now represents the second-largest market on the continent after South Africa, and the third largest in the Arab world after Saudi Arabia and the UAE. The domestic penetration rate, or total premiums as a percentage of GDP, is around 2.8%, up from 2.3% in 2010, and several new...

As seen in many emerging markets around the world, Morocco’s small and medium-sized enterprises (SMEs) play an important role in the national economy. Although they account for nearly half of employment and over 30% of GDP, the country’s SMEs often suffer from poor access to finance; currently receiving just under a third of total credit. SMEs’...

Morocco enjoys the most developed bond market in North Africa and one of the most advanced in the entire continent. This relatively high level of development was first begun with a set of reforms that have been gradually implemented by the Moroccan government, thus allowing for the emergence of a strong Treasury bonds market.

The growth of Morocco’s 19 banks slowed recently, with some indicators weakening. Overall, though, the sector continued to put in a resilient performance thanks to prudent regulation by the central bank, Bank Al Maghrib. The pressures brought about by exogenous slowdowns reduced liquidity, as domestic activity and trade volumes dipped, but a...