Record Rise in Consumer Loans Reflects a Shift in Moroccan Consumer Behavior
In 2024, the balance of consumer loans in Morocco saw a notable increase, reaching 162 billion dirhams, growing by 7.9% compared to 2023’s growth rate of 6.1%, according to the twelfth annual report on financial stability released by Bank Al-Maghrib, the Insurance and Social Security Supervisory Authority, and the Moroccan Capital Market Authority.
This dynamic performance reflects an 11.5% rise in financing provided by specialized financing companies, along with a 4.6% increase in traditional bank loans, reinforcing these institutions’ role as key drivers in the nation’s consumer finance market.
The value of funding provided by banks and participatory windows amounted to approximately 1.6 billion dirhams, marking a 21.1% rise. This indicates a growing interest in Islamic financial products among consumers.
Personal loans accounted for the largest share of total consumer loans at 69%, while car loans represented 17%, and home improvement loans accounted for 12%. This illustrates that essential needs continue to drive borrowing trends among Moroccans.
The duration of loans has gradually decreased over recent years, with the percentage of loans extending beyond seven years dropping to 43% in 2024. Conversely, loans with terms between five and seven years increased to 38%, revealing a notable shift in consumer preferences towards shorter repayment periods.
This development reflects changes in the financial behavior of households and may also indicate that lending institutions are adopting more conservative risk management policies in line with financial stability requirements and market transformations.
