The top banks in Morocco in 2024

Wondering which are the top banks in Morocco for 2024 based on consumers’ feedback? 

According to the Forbes 2024 list of MENA’s 30 most valuable banks, three Moroccan banks (Attijariwafa Bank, BCP Group, and Bank of Africa) rank among the Top 30 most valuable banks in the region, underscoring the resilience of Morocco’s banking sector even amid regional instability. While this reflects market valuation, what are Moroccan consumers’ perspectives? 

Leveraging brand health tracker tool SagaBrand and online panel SagaPoll, let’s explore Moroccan banks performance to get a consumer based picture of the banking sector landscape in the Northern African kingdom. In addition to key indicators like awareness, echo, and recommendation, we focus specifically on customer satisfaction. This metric is especially relevant in the financial sector, as it reflects how well a bank meets its customers’ needs and expectations, ultimately influencing loyalty, retention, and advocacy.

Ranking of the top banks in Morocco

Based on the Net Satisfaction score (calculated by balancing satisfaction and dissatisfaction levels), nine banks stand out as the most significant in Morocco.

Here are the top-rated banks in Morocco based on the Customer Satisfaction score:

1. CIH Bank
2. Al Barid Bank
3. Attijariwafa Bank
4. BOA – Bank of Africa
5. Banque Populaire du Maroc
6. Crédit Agricole du Maroc
7. Société Générale
8. BMCI
9. Crédit du Maroc

Zoom on CIH Bank, one of the best banks in Morocco

Analyzing other KPIs for CIH Bank, the leader in customer satisfaction, provides valuable insights into its performance.

Originally focused on real estate and tourism development, CIH has transformed into a universal bank and currently ranks 4th in brand awareness. SagaBrand data shows that 74% of past customers have engaged with the bank in the last four weeks (Ever Purchased), highlighting effective marketing strategies. Additionally, 60% of respondents recalled recent advertisements (Reach), indicating a strong presence in the market.

However, a disconnect exists: negative perceptions (21% in Negative Echo) and poor quality ratings among non-customers are significantly higher than the dissatisfaction levels reported by actual users. In fact, CIH Bank ranks the highest in Recommendation from existing clients. This disparity suggests that historical issues, including a near bankruptcy in the 1990s, recent cybersecurity and account mismanagement issues in 2023, have negatively impacted the bank’s image. While CIH is currently successfully acquiring and retaining customers, it still faces challenges in reassuring non-customers. 

Monitoring the impact of current marketing campaigns on non-customers’ perceptions will be essential for understanding their effectiveness and determining whether they can successfully reshape the image of CIH Bank.

More on financial services in Morocco

SagaBrand tracks various FMCG and non-FMCG categories monthly across Africa, including financial services, providing regular insights into the banking sector. Recently, we have examined consumer preferences in countries like Kenya, Nigeria and Côte d’Ivoire. If you’re interested in detailed insights on bank ratings in Morocco from our online panel, please reach out to us for more information.

If you would like further insights on bank ratings in Morocco based on our online panel in Morocco, get in touch with us.

Please send an email to contact@sagaciresearch.com or click below.

Methodology

SagaBrand, the continuous tracking tool for brands across the African continent. Our online panel assesses around 2,000 brands on a daily basis.

Key Performance Indicators included in report:

• Brand Awareness: Which of the following brands have you ever heard of? Base: All respondents.
• Reach: Which of the following brands have you seen an advertisement for in the past four weeks? Base = Respondents aware of the brand
• Echo: Which of the following brands have you heard anything POSITIVE / NEGATIVE about in the last four weeks? Base = brands heard about (echo)
• Customer Satisfaction: For which brands below are you a SATISFIED or DISSATISFIED customer? Base: Respondents who have ever been a customer of the brand. 
• Satisfaction score: satisfaction minus dissatisfaction.
• Recommendation: Calculated as Recommend less Avoid. Recommend: Which brands below would you RECOMMEND to a friend? Avoid: Which brands below would you tell a friend to AVOID? Base: Respondents who have ever been a customer of the brand.

Population: adults in Morocco above 18 years old. 

Base: minimum sample per brand to be shown

Period: September/October 2024