Morocco’s Central Bank Reports 13.8 Million Payment Accounts by End of 2024
The Central Bank of Morocco announced that the number of payment accounts opened at eligible institutions has reached 13.8 million by the end of 2024, marking a 33% increase compared to 2023.
The bank attributed this robust growth to the opening of accounts linked to social programs implemented since 2023.
Moreover, the activation rate of these accounts has shown significant improvement, rising from 17.7% in 2023 to 28% in 2024, which equates to 3.81 million accounts that completed at least one transaction in the last quarter of the year.
The distribution of accounts by category indicated that third-tier accounts, with a maximum balance of 20,000 dirhams, now represent 38.2% of the accounts opened, up from 29% the previous year. In contrast, the shares of first-tier accounts (maximum of 200 dirhams) and second-tier accounts (maximum of 5,000 dirhams) collectively settled at 31%, down from 35% and 36% in 2023, respectively.
Additionally, the number of accounts opened by merchants rose by 8%, reaching approximately 56,000 accounts that accept payments through the M-Wallet electronic wallet, reflecting an increasing adoption of digital payment methods among professionals.
