From The Report: Morocco 2020
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In recent years Morocco’s banking sector has experienced a period of consolidation at home and expansion abroad following a surge in lending in the decade leading to 2012. The country’s leading banks are now among the largest in Africa, with extensive continent-wide holdings. Despite GDP growth trending lower and the associated slowdown in lending and spike in non-performing loans, profitability and capitalisation have remained relatively stable, underpinned by important regulatory changes. The authorities are working to increase financial inclusion by targeting small and medium-sized enterprises, women, youth and rural residents, all of whom are traditionally under-represented in the financial system. Diversified offerings, including sharia-compliant participatory banking, and financial technology products, such as e-wallets, are important developments towards this end. This chapter contains interviews with Abdellatif Jouahri, Governor, Bank Al Maghrib; and Kamal Mokdad, CEO and Head of International Global Banking, Banque Centrale Populaire.