Best bank: Attijariwafa Bank
Attijariwafa Bank remains the bank to beat in Morocco. In a year that saw profits grow 20% to Dh13.8 billion ($1.4 billion), it has focused its efforts on promoting private investment in the country.
As a part of this, the bank launched its Regional Dynamics of Investment roadshow, visiting cities such as Rabat, Casablanca and Tangier to meet key players.
Attijariwafa has been instrumental in state-led efforts to promote and support private investment with a target of generating Dh550 billion of private investment and creating half a million jobs by 2026.
The bank has also implemented initiatives to boost its retail business book. These include a partnership with Visa to offer 20% cashback to customers activating their Attijariwafa contactless Visa card for the first time.
Following the catastrophic earthquake in September 2023, the bank opened channels for customers and non-customers alike to facilitate contributions to the Earthquake Solidarity Fund.
Best international bank: Arab Bank
Arab Bank continued to digitize its services for corporate clients in 2023.
The bank enhanced its ArabiConnect platform, which includes a trade finance module. It expanded the functionalities available on its trade finance digital portal, including digitizing traditional branch processes such as export letters of credit discounting and confirmation. New services included import-letters of credit draft creation, origination requests, cloning letters of credit recurring templates, and specialized pre-checking of shipping documents for export letters of credit.
The client portal’s front end also saw improvements, such as customized report creation, enriched dashboard capabilities and integrated notification modules.
Best digital bank: Bank of Africa
Bank of Africa focused on remote account openings and investments in new technology in 2023.
It revamped its online banking site, Agencedirecte.ma, enabling customers to open accounts entirely online. It also introduced a fully digital process for opening brokerage accounts through its subsidiary, BMCE Capital Bourse, the first brokerage firm to offer this service.
The bank attracted new customers in 2023 by launching promotional deals on the CréditDaba.ma website. It introduced a welcome package for self-employed individuals and other fully digital packages for retail, private banking and professional banking customers.
The bank’s IT subsidiary, Eurafric Information, launched trust platform services under the AfricTrust brand, in line with Morocco’s national digital strategy for business. The bank also continued to invest in advanced technologies, such as artificial intelligence and process digitization.
Best bank for SMEs: Bank of Africa
In 2023, Bank of Africa lent Dh9.6 billion ($974 million) to small and medium-sized enterprises through various partnerships and funding initiatives across Morocco and Africa.
It expanded its €20 million financing facility with the European Bank for Reconstruction and Development (EBRD). Under the Women in Business programme, it provides support to women entrepreneurs, including women’s associations and cooperatives in rural areas. Additionally, the EBRD has extended an additional €50 million credit line to boost financing for small and medium-sized enterprises.
In partnership with the SANAD Fund for Micro, Small and Medium Enterprises, the bank also granted a €25 million financing line dedicated to supporting SMEs. This loan enhances SANAD’s presence in Morocco, where it has invested over $90 million, and supports the bank’s strategic focus on SME development and financing.
The bank’s partnership with the International Finance Corporation was also strengthened, with a $171.2 million financing facility extended to nine Bank of Africa subsidiaries in Benin, Burkina Faso, Côte d’Ivoire, Kenya, Mali, Niger, Senegal, Togo and Uganda.
Best bank for ESG: Bank of Africa
Bank of Africa successfully expanded its green and sustainable finance business during the awards period. It also successfully expanded its impact loan portfolio during 2023 by entering strategic partnerships.
It rolled out tailored financing options for small businesses to help with energy transition, emphasizing energy and water conservation along with waste management. It also collaborated with the European Bank for Reconstruction and Development, initiating the Green Value Chain programme, which funds energy-efficient projects, small-scale renewable energy ventures and initiatives focused on conservation and waste recovery for small and medium-sized enterprises.
With support from UNEP-FI, the bank incorporated impact analysis into its credit approval process. In 2023, 31.3% of its corporate customer loans in Morocco, totalling Dh17.7 billion ($1.79 billion), were dedicated to positive impact initiatives. These include projects focused on climate (Dh2.6 billion), water (Dh1.7 billion) and the circular economy (Dh10 million).
Best bank for corporates: Attijariwafa Bank
Attijariwafa Bank financed €62.9 billion in trade flows in 2023. It signed a €100 million risk participation agreement with the African Development Bank in November, which will facilitate trade finance for local banks and businesses in sub-Saharan Africa in sectors such as agriculture, renewable energy, manufacturing, health, telecommunications, transport and services.
The bank continued to lead in cash management, collecting over 50% of payments for Morocco’s customs and indirect taxes through its network and electronic platforms. Partnering with TerraPay, it enabled instant cross-border money transfers from over 200 countries, enhancing secure remittances in Morocco, a key market for diaspora money transfers.
The bank also introduced digital solutions for payments and receipts, including secure multi-channel payment options and faster digital cheque and bill collection.
