On the subject of the maturity and competitiveness of the Moroccan financial system compared to other African markets, David Tinel explains that Morocco has one of the most stable financial sectors in Africa, a regulatory framework consistent with international standards under supervision of the central bank, Bank Al-Maghrib.
According to him, strong macroeconomic fundamentals helped overcome previous liquidity shortages. “The banking landscape is competitive, with its 24 banks, including five with majority foreign capital and five participatory banks, institutions compliant with Sharia,” it is indicated.
The regional representative also recalls that to assess the maturity of a country’s financial system, experts often use the Financial Development Index of the International Monetary Fund (IMF), which assigns scores ranging from 0 to 1, the most high meaning greater financial efficiency.
“In 2021, Morocco obtained a score of 0.43, higher than most countries in sub-Saharan Africa and several countries in North Africa. This reflects the advancement of its financial system, supported by a solid banking infrastructure and ambitious regulatory reforms,” he maintains.
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