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According to Bank Al-Maghrib’s 2023 annual report on “Financial market infrastructures and means of payment, their supervision and financial inclusion”, the Banking Services Price Index (IPSB) reached a level of 125,09i.e. a drop in 1% compared to the previous year.
Account maintenance fees: -8%
This slight decline comes after a historic peak recorded in 2021, where the IPSB reached 128,35, marking record highs in the cost of banking services. This decrease, modest but notable, is mainly attributable to the reduction in processing costs. account keepingwith a decrease in 8%, and that of the costs of “package” which fell by approximately 1%.
Bank card fees: +3%
On the other hand, this decrease was partially offset by the increase in costs relating to bank cardswhich have progressed 3%.
This development, although small in magnitude, revives discussions around banking costs, considered by many players and analysts to be among the highest in the region. Moroccan banking services, often perceived as not very accessible for a large part of the population, are at the center of a debate where financial accessibility and banking profitability are opposed.
In terms of weighting in the basket of banking services, three services represent more than 80%. These are costs relating to “package”, account maintenance fees and bank cards. The weighting of these three services was, in 2011, the base year, 80%. In 2022, the weighting of the three services rose to 83%, before adjusting to 81% of the IPSB basket of services in 2023, which explains why their impact on the index is major. This variation in weighting is due to the expansion of the scope of banks considered in the calculation of the IPSB.
The calculation of the IPSB is based on a methodology of Laspeyres, making it possible to measure annual variations in the cost of a representative basket of banking services. This choice of methodology, coupled with a relatively stable basket structure, leads to more visible cost variations.
Also note that the index is affected by fluctuations in demand for certain services, such as instant transfers, which have grown in recent years. This new service, which has become essential for individuals and businesses, generates additional costs which, although slightly amortized by the initial free provision of some of the services, could increase depending on the growth in demand.
The issue of financial inclusion in the background
In this context, the IPSB is also a barometer of financial inclusion in Morocco. While initiatives for financial inclusion are progressing, particularly through the development of digital services and the expansion of access to service points, cost remains a barrier for many users.
Thus, Morocco has one of the highest ratios of cash in circulation to GDP in the world. Among the first solutions envisaged to reduce this phenomenon is a reduction in fees relating to banking serviceswhich contribute to the high volume of cash in circulation and low levels of financial inclusion in the country.
It should be noted that, since 2026, Directive 2/G/2012 relating to the banking services price index defines three free banking services, established after consultation between the members of the GPBM and Bank Al-Maghrib.
These services include:
- Stop payment on stolen or lost check;
- Chargeback on bank card;
- Internet banking subscription fees.
Certainly, this directive marks significant progress. However, free services do not yet fully meet consumer expectations. Other essential services, such as interbank transfer operations, could also benefit from price revisions in the near future.
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