Morocco’s financial sector expanded significantly last year, with total assets across its three main components — the banking sector, the insurance and social welfare sector, and capital markets — reaching 3,830 billion dirhams in 2025, an annual increase of 11.2 percent, according to the 13th annual report on financial stability jointly published by the central bank, Bank Al-Maghrib, the capital markets authority AMMC, and the insurance and social welfare regulator ACAPS.
That total is equivalent to 223 percent of Morocco’s gross domestic product, the report noted, underscoring the growing weight of the financial system relative to the broader economy and reflecting a longer-running trend of deepening financial intermediation across the kingdom’s banking, insurance and capital-market segments.
Banking remains by far the dominant pillar of the system, holding a stable 61 percent share of total financial sector assets. The report found that despite continued diversification elsewhere in the financial system, lenders have kept their relative weight essentially unchanged compared with the previous year.
Capital markets posted the most notable gains within the sector, with collective investment schemes, known locally as OPCVM, increasing their share of total financial system assets to 25 percent, up from 23 percent in 2024. The report links this shift to greater reliance by Moroccan companies on market-based financing rather than traditional bank lending.
By contrast, the financial sector’s weight in overall stock market capitalization declined over the same period, falling to 34.55 percent from 39.06 percent a year earlier. That segment of the market is driven by seven listed banks, five insurance companies and five financing firms, and the report attributes the pullback to an intensification of sectoral diversification on the exchange.
