Basic
InformationAttijariwafa Bank is a commercial bank, not a state-owned or joint venture, but a financial institution with market-oriented operations as its core, with strong regional leadership and an international perspective. It plays a key role in the African financial markets through its diversified financial services and extensive network, and is committed to being a trusted partner to its customers.
Name & BackgroundFull
Name: Attijariwafa Bank SA
was founded in 2004 by the merger of Banque Commerciale du Maroc (founded in 1911) and Wafabank (founded in 1904), inheriting more than a century of financial experience.
Headquarters location: Casablanca, Morocco
Shareholder Background: The bank is listed on the Casablanca Stock Exchange, and its main shareholders are Al Mada Holdings, which is associated with the Moroccan royal family (about 46.5%), and other shareholders include Moroccan institutional investors (such as MCMA-MAMDA with 8.09%), Santander Group (5.27%), and Wafa Assurance (6.61%) and employee ownership (4.54%), the bank's own insurance subsidiary. This diversified shareholder structure balances market-oriented operations with strategic stability.
Coverage area: Attijariwafa Bank is a pan-African financial group with operations in 27 countries, including Africa (14 countries such as Morocco, Egypt, Tunisia, Senegal), Europe (France, Belgium, Germany, etc.) and the Middle East (Dubai, Riyadh). Its expansion in Sub-Saharan Africa has been particularly significant, with Africa (excluding Morocco) accounting for approximately 25% of total assets in 2023.
Offline branches: By the end of 2024, it has more than 7,417 branches, known as the densest banking network in Africa, and 3,407 local branches in Morocco.
ATM distribution: Morocco has 1,242 ATMs, while the rest of Africa has a large number of ATMs that are not publicly available enough to support a wide range of cash access needs.
Regulatory and compliance
regulators: Mainly regulated by the Central Bank of Morocco (Bank Al-Maghrib), international business is subject to the financial regulators of the host country (such as the Central Bank of Tunisia, relevant institutions of the European Union).
Deposit Insurance: Morocco does not have a nationwide deposit insurance program, but Attijariwafa Bank ensures the safety of client funds through strict compliance measures and capital buffers. International subsidiaries (e.g. Europe) may be protected by local deposit insurance systems, depending on the country.
Compliance records: The bank has a dedicated compliance department and implements a FATCA compliance process in accordance with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards. However, in the 2021 BankTrack Human Rights Benchmark Assessment, banks scored low (1 in 14) in human rights policies and due diligence, ranking as "laggards", and need to improve their social impact assessments of financing projects.
Financial health
capital adequacy ratio: As of 2023, the bank's Tier 1 capital adequacy ratio is approximately 11.5%, higher than the 10% required by Moroccan regulators, demonstrating strong resilience.
Non-performing loan ratio: about 4.2%, which is at a medium-to-high level among African banks, reflecting some emerging market credit risks, but generally manageable.
Liquidity Coverage Ratio: Approximately 120%, well above the Basel III requirement of 100%, indicating sufficient short-term liquidity to cope with market volatility.
Overall Assessment: Attijariwafa Bank is financially sound, with reassuring capital and liquidity metrics, but there is still room for improvement in non-performing loan management.
Deposits & LoansDeposits
:
demand deposits: The annualized interest rate is about 0.5%-1%, which is suitable for daily liquidity management.
Fixed deposits: 1-year interest rate of about 2.5%-3.5%, 3-year interest rate up to 4%, depending on the amount and country.
High-yield savings: "Wafa Épargne" high-interest savings accounts are available with interest rates of up to 4.5% and a minimum balance limit (about 1,000 Moroccan dirhams, about $100).
Large certificates of deposit: maturities from 6 months to 5 years, interest rates of 3%-5%, and a higher minimum deposit amount (about AED 100,000, about $10,000).
Loans:
mortgage: fixed interest rate of about 4.5%-6% (15-25 years), floating interest rate can be as low as 4%, 20% down payment is required, and proof of income is strictly reviewed.
Car loan: The interest rate is about 5%-7% (3-7 years), and the maximum loan value is 80% of the value of the vehicle, and the approval is fast.
Personal Line of Credit: Interest rate of 6%-10%, up to AED 50,000 (about $5,000), unsecured but with a good credit score.
Flexible repayment: Some loans allow for early repayment without penalty, or adjust the repayment plan to accommodate the customer's cash flow.
List of common fees
Account management fee: Regular accounts are around AED 10-20 ($1-2) per month, and may be waived for high-end accounts (such as private banks).
Transfer fees: Free or as low as AED 5 for domestic transfers, around 0.5%-1% for cross-border transfers (minimum $10).
Overdraft fee: approximately AED 50 per visit, depending on the account type.
ATM interbank withdrawal fee: Local interbank withdrawals in Morocco are about AED 5-10, and international ATM withdrawals can be as high as AED 20 + 2% currency conversion fee.
Hidden fee reminder: Please pay attention to the minimum balance requirement (about AED 500 for ordinary accounts), and the monthly fee may be deducted if the standard is not met; Some promotional products may be subject to an early cancellation penalty.
Digital Service Experience
APP & Online Banking:
User Rating: Attijariwafa Bank The mobile app has a score of about 4.2/5 on Google Play and about 4.0/ on the App Store. 5. Users praise the user-friendly interface but there are occasional connection problems.
Core functions: support face recognition login, real-time transfer (domestic second, international 1-3 days), bill management, portfolio tracking, and some markets provide foreign exchange trading modules.
Technological innovation:
AI customer service: Deploy chatbots through AI Center to handle more than 50% of first-level queries (such as balance inquiries and transaction status) to improve customer response speed.
Robo-advisors: Provide AI-based investment advice to high-net-worth clients, covering stocks, bonds, and UCITS funds.
Open Banking APIs: Support for third-party developers (e.g., payment gateways), but is currently limited to select European and Middle Eastern markets.
Customer Service Quality
Service Channels: 24/7 phone support (+212 05.22.58.88.88), live chat response time of about 5-10 minutes, and quick response on social media (LinkedIn, X) (1-2 hours).
Complaint handling: The complaint rate data is not disclosed, but user feedback shows that the average resolution time is about 3-7 days, and it may take 2 weeks for complex problems, and the satisfaction rate is medium to high.
Multi-language support: Arabic, French, English, and some European branches provide Spanish and German to meet the needs of cross-border customers.
Security MeasuresFunds
are safe: There is no nationwide deposit insurance, but banks have effectively prevented fraud through real-time transaction monitoring and multi-factor authentication, and no major fraud incidents have been reported in 2023.
Data security: ISO 27001 certified, data encryption in accordance with GDPR standards (European business). There were no known large-scale data breaches, but a small phishing attack in 2021 affected a small number of customers, and banks were quick to fix them.
Featured Services & Differentiated
Market Segments:
Student account: No management fee, comes with a low-limit credit card, suitable for students aged 18-25.
Exclusive financial management for the elderly: Provide high-yield pension savings plans with an interest rate of about 4%-5% and flexible withdrawal options.
Green Finance: Through cooperation with the Green Climate Fund, ESG investment products, such as the Africa Energy Efficiency Fund, have been launched to support sustainable projects.
High-net-worth services: Private banking thresholds of about AED 1 million (about US$100,000), providing customized wealth management, cross-border asset allocation and dedicated relationship manager services.
Market Position and HonorsIndustry
Ranking: In 2021, it will be the fifth largest bank in Africa in terms of Tier 1 capital, and in 2024, it will rank first in Morocco and sixth in Africa in terms of total assets, with a market capitalization of about US$12 billion.
Awards: "Moroccan Sourcing Award – Digital Procurement" in 2022 and "Top Employer" certification in 2023 in recognition of its HR practices; It has been repeatedly named one of the "Best Investment Banks in Africa".
