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CSE · Morocco

Best Stockbrokers in Morocco

The Casablanca Stock Exchange is the gateway to North African and Francophone African capital markets, with over 75 listed companies and the MASI as its benchmark index. CSE has attracted significant foreign institutional interest in recent years, particularly from Gulf sovereign wealth funds. Most CSE brokerage is intermediated by bank-owned brokers; account opening usually requires a Moroccan bank relationship.

Regulator: Autorité Marocaine du Marché des Capitaux (AMMC)
Depository: Maroclear

7 regulated brokers covering CSE

Every broker listed below is licensed by Autorité Marocaine du Marché des Capitaux (AMMC). We do not rank them — order is informational only. Always verify current licensing on the regulator's website before opening an account.

Attijari Intermédiation

Bank-Affiliated

Brokerage arm of Attijariwafa Bank — Morocco's largest bank by assets. Full CSE equities, fixed income, and asset management services. Major franchise across French-speaking Africa.

Best for:
Clients who want bundled banking + brokerage, larger portfolios
Mobile app:
Yes
Access:
Foreign investors welcome
Visit Attijari Intermédiation →

Wafabourse

Fintech App

Online retail brokerage platform under Attijariwafa Bank — Morocco's main online stock trading platform. Web and mobile access to CSE equities.

Best for:
Moroccan retail investors wanting online CSE access
Mobile app:
Yes
Access:
Foreign investors welcome
Visit Wafabourse →

BMCE Capital Bourse

Bank-Affiliated

Brokerage arm of Bank of Africa (formerly BMCE Bank). Covers CSE equities, fixed income, asset management, and corporate finance.

Best for:
Bank of Africa clients and institutional investors
Mobile app:
No
Access:
Foreign investors welcome
Visit BMCE Capital Bourse →

CDG Capital Bourse

Bank-Affiliated

Brokerage subsidiary of Caisse de Dépôt et de Gestion — Morocco's sovereign-linked investment institution. Institutional research and execution.

Best for:
Institutional and HNW investors wanting sovereign-linked broker access
Mobile app:
No
Access:
Foreign investors welcome
Visit CDG Capital Bourse →

Sogécapital Bourse

Bank-Affiliated

Brokerage arm of Société Générale Maroc. Full CSE equities and fixed income brokerage with European-bank standards.

Best for:
Société Générale clients and French-speaking diaspora
Mobile app:
No
Access:
Foreign investors welcome
Visit Sogécapital Bourse →

Upline Securities

Bank-Affiliated

Brokerage subsidiary of Groupe Banque Populaire. CSE equities, fixed income, and asset management.

Best for:
Banque Populaire clients and Moroccan retail investors
Mobile app:
No
Access:
Foreign investors welcome
Visit Upline Securities →

Capital Trust Securities

Traditional Broker

Independent Moroccan brokerage house offering CSE equities and fixed-income execution. Boutique alternative to bank-owned brokers.

Best for:
Investors wanting an independent (non-bank) broker
Mobile app:
No
Access:
Foreign investors welcome
Visit Capital Trust Securities →

How to open an account on the CSE

  1. 1

    Open a Moroccan bank account (typically required)

    Most CSE brokers expect you to also bank with their parent group or a Moroccan bank. Diaspora investors typically use Attijariwafa Bank, BMCE Bank of Africa, or Banque Populaire — all of which open accounts for Moroccans abroad (MRE accounts).

  2. 2

    Open a securities account at a CSE-licensed broker

    Choose a broker from the list above and open a CSE securities account. For bank-owned brokers this is bundled with the bank account; for independent brokers it's standalone.

  3. 3

    Foreign investor declaration

    Non-residents declare foreign-investor status at account opening. Office des Changes (Moroccan exchange-control authority) tracks foreign capital flows; your broker handles the relevant declarations.

  4. 4

    Fund and trade

    MAD funding via your Moroccan bank account. Foreign investors typically wire FCY into a Moroccan FCY account and convert to MAD as needed for CSE trades.

KYC documents you'll need

  • Valid passport (or Moroccan ID for residents)
  • Proof of address (utility bill or bank statement)
  • Moroccan bank account details
  • MRE (Moroccans abroad) status declaration for diaspora
  • Source-of-funds declaration

Fees and tax

Dividend withholding tax15% (10% if held under specific frameworks)
Capital gains tax on listed equity20% (with thresholds and exemptions)
Typical brokerage commission0.4% – 0.7%
CSE / Maroclear regulatory feesCombined ~0.15%

Fees and tax rates are indicative and change. Verify current rates with your broker and the latest Finance Act before transacting.

Frequently asked questions

Can non-residents invest in the Casablanca Stock Exchange?

Yes. Morocco actively welcomes foreign portfolio investment. Account opening generally requires a Moroccan bank relationship, easiest opened with Attijariwafa Bank, Bank of Africa, or Banque Populaire — all of which have established Moroccans-abroad (MRE) divisions.

What is the MASI index?

The Moroccan All Shares Index (MASI) is the CSE's flagship benchmark, tracking all listed equities. It's the index most foreign institutional investors quote when discussing Moroccan equity performance.

What's the easiest broker for Moroccan diaspora?

Wafabourse (the online platform under Attijariwafa Bank) is the most accessible online route for retail-sized portfolios. For larger sums, BMCE Capital Bourse and CDG Capital Bourse are the institutional-quality routes.

Are CSE dividends subject to withholding tax for non-residents?

Yes — generally 15% on dividends, with reductions to 10% available under specific treaty frameworks. Confirm current rates with your broker before transacting.

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