Constitutive meeting of the National Committee for Financial Inclusion : 01/04/2019

Constitutive meeting of the National Committee for Financial Inclusion

Mr. Mohamed Benchaaboun, Minister of Economy and Finance chaired, Monday, April 1st 2019, the first meeting of the National Committee for Financial Inclusion.

This meeting was attended by the Wali of Bank Al-Maghrib, the Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forests, the Minister Delegate to the Minister of Interior, the Secretary of State to the Minister of Industry, Investment, Trade and Digital Economy, in charge of Investment, the President of the insurance and social security supervisory authority, the President of the Moroccan Capital Market Authority, the Vice-President of the General Confederation of Moroccan Enterprises, the President of the professional grouping of Moroccan banks, the President of the National Federation of Microcredit Associations, the President of the Moroccan Federation of Insurance and Reinsurance Companies and the President of the Professional Association of Payment Institutions.

This meeting, following the presentation of the Minister of Economy and Finance, on the Project of the National Financial Inclusion Strategy to the Council of Government of January 31st 2019, provided an opportunity to present and approve of the guidelines of the new strategy.

It should be pointed out that the National Financial Inclusion Strategy was developed within the framework of a joint initiative of the Ministry of Economy and Finance and Bank Al-Maghrib, as part of a participatory approach. The latter aims to set a shared view and national guidelines to reduce disparities persisting in terms of access and penetration for financial services. Its goal is making financial inclusion a real tool for socio-economic development.

The major levers of the strategy adopted by said board include:

  • Accelerating the development of alternative models appropriate to the characteristics of the population excluded mainly women, young people, rural people and the micro-enterprises;

  • Strengthening the role of the 'classic' model in promoting financial inclusion;

  • Strengthening tools to better understand the risk of the excluded populations;

  • Providing the favorable conditions for greater use of financial services.

The Minister reiterated that the success of its challenges involves the commitment and participation of all stakeholders in the public and private sector.

During this meeting, the National Council for Financial Inclusion adopted the guidelines of the strategy governance and assign the chairmanship of the strategic committee to the Wali of Bank Al-Maghrib.

​Similarly, the National Council approved the organization of a presentation and awareness-raising day for all public and private sector stakeholders and international partners over the next months.