Moroccan banks control 21% of the west African market
Thanks to decades of investments, Moroccan major banks increased their market share in the 8 countries of the West African economic community (ECOWAS) to 21%.
A recent ECOWAS report highlighted the expansion of Morocco’s Attijari Wafabank, BCP and Bank of Africa, whose activities dominate some countries such as Mali.
In Mali, the three banks have a market share of 51%, le360 reported, noting however that the figure remains shrouded in uncertainty due to the large-scale informal sector.
Morocco has become a key investor in Sub-Saharan Africa owing to the strength of its financial sector. Its banks operating in Africa enable Moroccan and European businesses to expand in the continent.