World Bank: Financial Inclusion in Morocco Lags Behind Digital Expansion Despite High Smartphone and Internet Usage
A new report from the World Bank has revealed that financial inclusion in Morocco remains low, despite the widespread availability of smartphones and internet services among citizens.
According to the Global Findex Database 2025 report released yesterday, only 44% of Moroccan adults possess a bank account or an electronic wallet, a rate lower than that of similar countries in the region, such as Jordan (66%) and Egypt (64%). In contrast, Saudi Arabia and the UAE showcased the highest levels of financial inclusion in the region, with 79% and 88%, respectively.
The report highlights a notable gap between owning digital tools and utilizing them for financial transactions. It indicates that only 32% of Moroccans made or received at least one digital payment in the past year, compared to 50% in Egypt and 57% in Jordan.
This comes at a time when Morocco records one of the highest mobile phone ownership rates in the region at 90%, surpassing Egypt (88%) and Tunisia (84%). Additionally, 65% of Moroccans use the internet regularly, ranking the country among those most connected online.
Despite these positive digital indicators, the report shows a weakness in the use of formal financial services, with only 6% of adults saving their money through financial institutions, compared to 17% in Egypt and 15% in Jordan. Moreover, the percentage of borrowers from these institutions is a mere 1%, reflecting a heavy reliance on informal channels such as family and friends.
Regarding women’s financial empowerment, the report notes that the Middle East and North Africa region records one of the highest global gender gaps, with a difference of 15 percentage points between men and women in bank account ownership. While specific data for Morocco is absent, estimates suggest that Moroccan women face similar challenges in this area.
The report concludes that Morocco, despite advancements in digitizing the economy and expanding its digital infrastructure, requires more targeted policies for vulnerable groups, particularly women and low-income households. This also includes enhancing financial literacy and expanding electronic wallet networks through local agents and at reasonable costs.
