Morocco’s banking sector continues to play a leadership role in Africa:
Home to some of Africa’s largest banks, Morocco has weathered both the financial crisis and regional political upheaval. Now its financial institutions are beginning to extend their reach into the rest of the continent.
Morocco’s 19 banks are relatively advanced compared with those of their north African neighbors. Its financial institutions report under International Financial Reporting Standards, comply with Basel III, and banking assets represent about 125% of gross domestic product.
In addition, the sector is posting growth of about 7% a year in a low-inflation and low-interest-rate environment, while the percentage of non-performing loans has dropped sharply from dangerous highs of 20% in the early 2000s to less than 7% today.
Morocco’s banks have long had access to solid banking experience, says Mohamed El Kettani, chairman and chief executive of Attijariwafa Bank, the largest bank in the country. “The banking sector benefits from a long tradition of good governance and healthy performance thanks to a very forward-looking, independent central bank,” he adds…[Full Story]