Speaking at the event, Hakima El Alami, Director of Bank Al-Maghrib’s Payment Systems Monitoring and Financial Inclusion Department, said that financial inclusion plays a key role in economic development, gradually reducing inequalities and increasing well-being.
« At Bank Al-Maghrib, we have been aware for almost two decades of the importance of financial inclusion, not only for the development of the financial sector but also for socio-economic development, inequality reduction, and social cohesion reinforcement, » she stated.
Within this framework, Morocco’s Central Bank created the Moroccan Foundation for Financial Education in 2013, which has played a fundamental federating role within the financial sector while engaging with various public sector departments and institutions, El Alami said.
Capitalizing on the Foundation’s experience, Bank Al-Maghrib then rolled out the National Strategy for Financial Inclusion, which identified the segments excluded from and underserved by financial services, namely women, rural populations, young people, low-income populations, and very small businesses, she explained.
The mid-term (2023) and long-term (2030) objectives of this strategy are to improve levels of inclusion and minimize inequalities between men and women, rural and urban populations, young people and adults.
According to El Alami, the strategy has set up a participatory framework with an appropriate governance structure, a shared vision, and national guidelines in line with public policy to reduce disparities in terms of access to financial services.
The first 5-year phase of the strategy (2019-2023) has been completed thanks to the commitment and mobilization of all stakeholders, she said, adding that considerable progress has been made in terms of legal and regulatory reforms, tax incentives, education, and communication programs.
Among the main reforms, El Alami mentioned the adoption of the microfinance law and related regulations, aimed at strengthening the sector’s role in the financial inclusion of underserved segments, as well as crowdfunding laws and regulations, thereby stimulating the development of new financing offers for young entrepreneurs in particular.
She also mentioned the introduction of the Securities Act, which removed one of the main obstacles to access to financing, and the improvement of the legal and regulatory framework, allowing the emergence of new players who have developed offers tailored to the needs and means of underserved or excluded segments.
Achievements in this area have resulted in a significant improvement in indicators of access to financial services, with access points rising from 13,600 in 2017 to 31,515 in 2022, she pointed out. Furthermore, coverage of rural communes has increased from 25% in 2017 to 34% by the end of 2022, exceeding the 30% target set for 2023.
The reforms also promoted the digitization of financial services as a means for implementing social assistance programs, said El Alami. The second phase of this initiative has just been launched, to develop an appropriate concept for rural populations.
Taking into account the lessons learned from the first phase, Bank Al-Maghrib’s approach has evolved towards greater efficiency through more targeted partnerships and better resource allocation, she explained, stressing that BAM is pursuing its commitment to an inclusive financial environment in partnership with national stakeholders and international organizations.
Held under the High Patronage of HM King Mohammed VI, Gitex Africa features over 1,500 exhibitors representing more than 130 countries. The event, which runs until May 31st, aims to be a hub for exchanges on the latest technological developments.
