فاس نيوز ميديا جريدة الكترونية جهوية تعنى بشؤون و أخبار جهة فاس مكناس – متجددة على مدار الساعة
In recent years, Morocco has made significant progress in promoting financial inclusion after launching a national strategy in 2018 aimed at enabling various segments of society to access basic financial services. According to World Bank data, this strategy successfully increased the percentage of adults with bank accounts from 29% in 2017 to 44% in 2021, while the use of digital payment methods rose from 17% to 30% during the same period.
The Moroccan financial authorities have strengthened this trend by developing microfinance and small insurance services primarily targeting low-income groups. They have also expanded the financial offerings aimed at small and medium-sized enterprises (SMEs).
These measures have contributed to expanding the customer base within the formal financial system, especially among youth and women. However, the gender gap persists, with only 33% of women owning bank accounts compared to 56% of men, according to reports from the UN Special Advocate for Financial Inclusion.
Despite this progress, Morocco faces a range of challenges, primarily related to the limited coverage of digital services in rural areas and the reluctance of many citizens to adopt e-wallets due to low trust or limited financial literacy. The percentage of e-wallet users remains at just 6% of adults, highlighting the need to intensify efforts in this area, especially since World Bank reports indicate that digital payment coverage in rural areas does not exceed 31%.
The Moroccan government, in collaboration with international partners, has begun implementing a series of legal and regulatory reforms aimed at facilitating broader access to financial services. These reforms include allowing non-banking actors to offer financial services, encouraging non-profit institutions to accept deposits, and developing mobile payment systems. Awareness and training campaigns have also been launched to promote financial literacy among citizens and encourage merchants and users to adopt electronic payment methods.
International financial institutions, notably the World Bank and the International Monetary Fund, have supported this path through technical and financial support amounting to over $1.4 billion, allocated to accompany the financial inclusion reforms and digital transformation in Morocco. IMF Managing Director Kristalina Georgieva praised Morocco’s efforts, considering the national strategy a model worth emulating in Africa and the Arab region.
To continue this progress, Morocco must expand the reach of financial services to marginalized groups by supporting financial innovation, encouraging the private sector to develop flexible digital solutions, and intensifying partnerships with local and international stakeholders to ensure integrated and sustainable financial inclusion that serves economic growth and enhances social justice.
Source: Fes News Media
