According to recent reports, debt levels among Moroccan households continue to remain low at an average of just 3% of total income in 2023, data which excludes any mortgage debt. Nonetheless, household debt records can fluctuate greatly and, in some cases, reach up to 34% of the household’s total income, which is still deemed acceptable among the majority of lenders in the country.
The demand for credit cards is set to remain relatively low among Moroccan consumers as most typically seek financial stability; it is part of the local culture to only spend the money one earns or physically owns, as opposed to borrowing at an extra cost. Besides, the application process for credit cards remains typically lengthy and complex in Morocco, with tough checks usually leading to low approval rates.
The majority of consumers in Morocco are increasingly seeking greater agility to optimise bill payments, prioritising control, flexibility, convenience and integrated payment technologies. In terms of recent trends, 10% of consumers used a buy now pay later (BNPL) instalment plan in 2022 and on average 74% of Moroccans are familiar with the BNPL concept, with 39% stating that they are already comfortable using BNPL facilities to process payments.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Morocco with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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