Leila Bennani

Moroccan non-bank consumer credit book grew 14% YoY vs bank retail credit at 6% — the mix shift is durable and margin-accretive. Salafin and Wafasalaf are quietly outrunning the parent banks on ROE.

Casablanca-Tangier logistics corridor pricing down 11% YoY as OCP and Renault volumes normalise infrastructure utilisation. Read-through to Maghreb retail landed cost is 3-4% — margin oxygen for grocery formats.

Attijariwafa's West Africa subsidiaries contributed 28% of group PBT at a 19.4% ROE vs Moroccan core at 14.1%. The pan-African franchise is under-covered because it prints in CFA. Currency is the analyst filter, not the fundamentals.

Morocco auto exports hit €14.8bn TTM — now the largest single export category ahead of phosphates. The current account swung to +1.2% of GDP from -3.4% pre-cluster. Structural FX support is being systematically under-modelled.

BMCE (Bank of Africa) CIR down 380bps in 24 months as the digital capex cycle rolls off. Every €1 of tech spend now generates €1.40 of incremental fee income vs €0.60 three years ago. The payoff arrived, late but real.

Moroccan mobile banking penetration reached 62% of banked adults — highest in North Africa. Cash withdrawals per card per month down 34% since 2023. The cash-to-digital transition is running 2 years ahead of Egypt.

CIH Bank's digital-only proposition acquired 480k accounts in 18 months at a CAC of MAD 65. That's neobank-tier economics inside an incumbent — the case study most Maghreb boards should be reading.