Rabat – Casablanca is Morocco’s most well-equipped city with Automated Teller Machines (ATMs), according to a report by the Moroccan Cash Management Institute (CMI).
The expansion of the ATM network in Morocco experienced a slight stagnation in the first nine months of 2023, reaching a total of 8,176 ATMs excluding replacements, noted the report.
The number represents a marginal increase of 0.2% (13 ATMs) compared to the previous year.
Casablanca took the lead with 1,593 ATMs, followed by Marrakech with 695, Rabat with 617, Tangier with 478, Agadir with 449, and Fez with 390.
Total card withdrawals, both Moroccan and foreign, from ATMs in Morocco during the first nine months of 2023 reached 309.1 million transactions, totaling MAD 311.5 billion ($30.9 billion).
This represents a 13.5% increase in the number of transactions and 15.7% in terms of the amount of money withdrawn compared to the same period in 2022.
The average monthly activity per machine stands at 4,091 transactions, with a total amount of MAD 4 million.
The report noted that as of September 30, 2023, the ratio of Moroccan bank cards in circulation to the number of installed ATMs stands at 2,440.
Despite the surge in card transactions, Morocco remains heavily reliant on cash. The growth in the number of ATMs reflects a shift towards digital financial services, yet a significant portion of the population continues to prefer traditional cash transactions.
A 2022 study by the British website Merchant Machine revealed that Morocco is leading the world’s top 20 countries reliant on cash payments. It indicated that 74% of transactions in the country are cash-based.
Source : Morocco World News
