Casablanca Finance City leads as the Moroccan pan-African financial center

Casablanca Finance City leads as the Moroccan pan-African financial center

 Casablanca Finance City (CFC) maintained its position as the leading Moroccan pan-African financial center in the half-yearly rankings of the 34th edition of the Global Financial Centers Index (GFCI), according to a recent report published on September 28, 2023, by the Z/Yen Group in partnership with the China Development Institute (CDI).

On the regional stage, CFC improved and was ranked third among all Middle East and Africa centers, consolidating its prominence as well as reputation in the fast-growing African markets.

On the continent level, Morocco secured the 54th spot in the global ranking, followed by Mauritius 68th position, Kigali 81st place, Johannesburg 83rd place, Nairobi 90th place, and then Lagos 103rd place.

The latest Global Financial Centers Index showcased that New York continues to hold the top position worldwide, securing the first spot ranking since the 24th edition of GFCI in 2018.

London remains second in the rankings, followed by Singapore in third place, and Hong Kong comes in the fourth position.

As to Washington DC and Geneva, they have entered the top 10 in this edition, replacing Seoul and Boston.

“Confidence in international financial centers remains strong. Virtually all the centers we track improved their rating in GFCI 34. Skills and talent development are vital for financial centers, increasingly so with new skills required in areas such as AI and ethics. Combining continuing professional development with formal tertiary education is a key strategy to ensure that the financial sector workforce is fit for the future,” commented Chairman of Z/Yen, Professor Michael Mainelli, on these figures.

The notable surge in ranking spots achieved by CFC in the 34th edition of the Global Financial Centers Index mirrors the commitment of the country and its relentless efforts to become a gateway to the African continent, especially as Morocco prepares to host the 2020 Annual Meetings of the World Bank Group and the International Monetary Fund from October 9 to 15 in Marrakech to hold discussions about global economic challenges.

This important event recognizes the country’s progress over the past 24 years and marks its return to the continent 50 years after hosting in Kenya in 1973.

In the 33rd edition of GFCI, Casablanca Finance City secured 57th place on the global stage, dropping three spots from 2022. Still, it remained the most attractive financial center on the African continent in the same edition, surpassing Johannesburg (69th), Cape Town (73rd), Mauritius (81th), Kigali (98th), Nairobi (103rd), and Lagos (109th).

Casablanca Finance City has been recognized as a strategic hub for international business in Africa since its establishment in 2010, offering attractive value propositions to its over 200 member companies spanning 70 countries.

With its premium ‘Doing Business’ approach, CFC has enhanced the deployment of its activities in the continent.

With Casablanca Finance City’s continued growth, it remains committed to playing a pivotal role in driving Africa’s economic development and consolidating its position as an important financial player on the global stage.

The Global Financial Centers Index is widely recognized as a benchmark for assessing the competitiveness and rankings of financial centers. The 34th edition included 121 financial centers worldwide in the assessment of both financial professionals and quantitative data.

These rankings are based on 58,789 financial center assessments collected from 9,097 financial services professionals through the GFCI online questionnaire.


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