Marrakech – Some 450 rural communes in Morocco remain without any financial services despite a national rural coverage rate of 60%, Bank Al-Maghrib Director General Abderrahim Bouazza revealed on Thursday in Meknes.
Speaking at a side event held on the margins of the 18th International Agriculture Fair (SIAM), Bouazza called for intensified efforts toward financial inclusion in rural areas. The event was held under the theme “Financial Inclusion in Rural Areas: A Lever for Sovereign, Resilient, Inclusive and Sustainable Agriculture.”
Bouazza said effective access to useful, affordable, and sustainable financial services for rural populations and agricultural enterprises still poses a major development challenge. He noted that the coverage rate of rural areas in financial access points has improved to reach 60%. However, 450 rural communes still have no financial service point whatsoever.
Bank Al-Maghrib has asked banking institutions to ensure coverage of these territories where road and telecom connectivity conditions allow, he added.
Bouazza indicated that the central bank has invested heavily over the past two decades in promoting financial inclusion.
Efforts were reinforced starting in 2019 with the launch of the National Financial Inclusion Strategy, he stressed, noting that the initiative brings together several public institutions including the Ministry of Economy and Finance and the Ministry of Agriculture, financial sector regulators, and private actors.
The strategy prioritizes rural areas, women, and youth, who continue to show significant gaps in access to financial services, he reported.
On digital solutions, Bouazza mentioned the launch of mobile payment in 2018 in partnership with the national telecom regulator, banks, and telecom operators.
Yet he acknowledged that usage of this tool remains limited, particularly in rural areas. He also pointed to the introduction of instant transfers in 2023 as an effective instrument responding to the needs of different population segments.
Read also: Morocco Pushes Digital Tools For Farmers With New Payment Pilot at SIAM
Regarding consumer protection, Bouazza maintained the central bank ensures that banking costs remain low for low-income households. Basic banking services have been free for over 15 years, he confirmed.
As for financial education, he said 25% of programs conducted by the Moroccan Foundation for Financial Education over the past three years have benefited rural populations, particularly homemakers, women entrepreneurs, and artisans.
He also cited the role of the Morocco Fintech Center, created last year by Bank Al-Maghrib with public and private partners, in supporting fintechs and developing agritech platforms for agricultural financing.
Mohammed Tarik Bchir, acting Director of Treasury and External Finances at the Ministry of Economy and Finance, stated that Morocco has had a modern and stable financial system since 2010. At the heart of this sustainability are regulatory reforms and infrastructure aligned with international standards, he argued.
Bchir conceded, however, that disparities persist in rural areas, where access to financial services remains “insufficient.” He pointed to the Intelaka and Forsa programs as having delivered concrete impacts in rural agricultural investment.
Agriculture Minister Ahmed El Bouari also addressed the conference, which served as a platform for public and private actors to identify innovative financial solutions adapted to agricultural development.
Separately at SIAM, the Ministry of Agriculture launched a pilot project for payment digitalization in collaboration with Bank Al-Maghrib.
Deployed at the terroir products pavilion in partnership with the Agricultural Development Agency, the project equips 50 agricultural cooperatives with electronic payment terminals to promote cashless transactions and strengthen digital financial inclusion in rural areas.
