Note: all statistics are for the year 2021, except 2022 when mentioned by asterisk (*)
°. Bank Al Maghrib (central bank) estimate
Source: ANRT (National Telecom Agency); World Bank; Economist Intelligence Unit (CGIDD); Office des Changes (Foreign Exchange Office); CMI (interbank payment centre)Her
Mobile & Internet Penetration
The infrastructure is in place to support the emergence of new digital products and trends. Morocco has one of the highest Internet penetration rate in Africa with a full cell phone penetration
1. 2022 figure 2. Mobile penetration over 100% means that there are more mobile subscriptions than the population in a certain country. This occurs because a single individual can have multiple mobile connections, such as a personal and work line Sources: ANRT (National Telecom Agency); World Bank; GSMA Intelligence; BCG
Financial inclusion
Moroccan authorities recognize the role Fintech can have in improving financial inclusion. MA has a lot of room for improvement, with lower level of financial inclusion than Kenya or Senegal. Government initiatives support the development of mobile money and the banking sector
Central Bank of Egypt data Sources: Bank Al Maghrib; World Bank, BCG
Demographics
Morocco has an expanding affluent segment who are looking for opportunities and mechanisms to make investments. Upper & middle classes of Morocco’s population are significant and are growing faster than other segments. Lack of investment platforms pushes Moroccans to invest in risky & forbidden assets
Remittances
The large Moroccan diaspora send significant sums into Morocco, but remain confined to traditional and expensive channels. Migrant remittances to Morocco have steadily increased over the past 5 years. Digital players only capture less than 5% market share
Competitive landscape of the remittances market
Source: Office des Changes (Foreign Exchange Office); BCG
Digital habits
Consumers’ habits are starting to change, but this change is relatively nascent and mobile money potential remains predominantly untapped. Morocco remains a cash economy with card transactions growing steadily and untapped potential of mobile money
SME potential
The large Moroccan diaspora send significant sums into Morocco, but remain confined to traditional and expensive channels. Migrant remittances to Morocco have steadily increased over the past 5 years. Digital players only capture less than 5% market share
Competitive landscape of the remittances market
Source: Office des Changes (Foreign Exchange Office); BCG
Agriculture
Consumers’ habits are starting to change, but this change is relatively nascent and mobile money potential remains predominantly untapped. Morocco remains a cash economy with card transactions growing steadily and untapped potential of mobile money
