Financial inclusion is considered by international organizations (World Bank, United Nations, Alliance for Financial Inclusion) as one of the major issues of social and economic development as it promotes economic growth and prevents social disparities.
According to AFI, financial inclusion, per se, is a multifaceted concept, which consists of several components whose degree of importance varies from one country to the other. These include:
On the other hand, the United Nations defines financial inclusion through its major projects namely:
Morocco’s experience in financial inclusion dates back to 2007 and is part of a broader strategy to further develop the national banking market, ensure an integrated development of the financial sector by 2020 and position our country as a regional financial hub.
Since then, significant progress has been made in financial inclusion, as particularly welcomed by the recent mission of the World Bank and IMF as part of the FSAP in 2015.
The Bank’s commitment to establishing and promoting sound and solid bases for a responsible finance benefitting to the various categories of the population has been clearly announced from the start and even renewed on the occasion of the 2013 Maya declaration in Kuala Lumpur, during the AFI summit.
Bank Al-Maghrib’s action has concerned the following five dimensions:
- Improving access to banking services
- Promoting financial education
- Promoting competition and customer protection
- Developping the micro-credit sector
- Setting up measurement indicators