Banking

January 25, 2023

Project Bank Has 1,400 Industrial Projects (Official)

Rabat - The Minister of Industry and Trade, Ryad Mezzour, said Monday in Rabat that the Project Bank has about 1,400 industrial projects, 358 of which are dedicated to the agribusiness.

Answering a question on"...

January 20, 2023

Moroccan Dirham: The Geopolitics Behind Google Currency Glitch

Rabat - Morocco's central bank, Bank Al-Maghrib (BAM), reassured Moroccans on Wednesday that the Moroccan dirham currently trades at around MAD 11 per €1, denying speculation suggesting that the Moroccan currency had lost around 70% of its value.

Google’s"...

January 19, 2023

Central Bank Categorically Denies Information Claiming Euro's Worth at 18 Dirhams

Rabat - Bank Al-Maghrib (BAM, Morocco's Central Bank) on Wednesday categorically denied information circulating on some sites that the euro is currently worth 18 dirhams.

In a statement, the central bank said"...

January 13, 2023

World Bank Projects Morocco’s Economic Growth to Average 3.5% in 2023

Rabat - The World Bank is expecting Morocco’s economic growth to witness a slight increase of 3.5% in 2023 and 3.7% in 2024, compared to last year’s 1.2% growth rate.

In its latest annual Global Economic"...

January 12, 2023

Access Bank Set to Reward More Customers In 2023

Access Bank Plc has said it plans to reward more customers this year in its transaction volume based AccessMore mega reward scheme.

Head of Digital Channels, Access Bank, Oluremi Gabriel, disclosed this while"...

January 12, 2023

Tax Authorities to Gain Access to Bank Accounts of Moroccans Residing Abroad

Rabat - Morocco’s government is set to implement a new policy that would allow tax authorities to have full visibility over bank accounts of Moroccans residing abroad. The measure will enter into effect starting September 2025.

"...

January 10, 2023

Draft Crypto Regulation Bill is Ready, Says Governor, Central Bank of Morocco

Morocco has already finalized a bill that will guide the regulation of cryptocurrencies, the Governor of the Central Bank of Morocco, Bank Al-Maghrib – BAM, Abdellatif Jouahri, has announced.

According to"...

January 6, 2023

Agusto Upgrades Wema Bank Funding SPV Series II Bond to ‘Bbb+’ with Stable Outlook

Ratings agency Agusto & Co. has upgraded Wema Bank Funding SPV Plc’s Series II Bond to ‘Bbb+’, with a stable outlook, from the previous ‘Bbb’ score. The Issuer is a Special Purpose Vehicle (SPV) set up by Wema Bank Plc (‘’the Bank’’"...

January 6, 2023

At 13.17%, Prime lending Rate Hits 23-month High

Amid increase Monetary Policy Rate (MPR) to 16.5 per cent, prime lending rate in the banking sector now stands 13.17per cent, the highest in 23-month, according to the Central Bank of Nigeria (CBN) money market indicators.

Prime"...

January 5, 2023

Bank Deposits in Morocco Grew By Over 5% in 2022

Rabat - Deposits in banks operating in Morocco rose by a steady 5.1% at the end of the first 11 months of 2022, according to a new report from Morocco’s central bank, Bank Al-Maghrib (BAM).

With"...