Assahafa.com
Tightening operating conditions within the European Union for intermediary activities carried out by subsidiaries of Moroccan banks poses one of the main challenges facing the national ecosystem for remittances from Moroccan expatriates, Bank Al-Maghrib (BAM) Director General Abderrahim Bouazza said on Thursday in Rabat.
“This issue is being closely monitored by Moroccan authorities in coordination with their European counterparts,” Bouazza stated, speaking at a meeting to celebrate International Day of Family Remittances (IDFR).
On this occasion, the official highlighted French authorities’ support for maintaining authorization to conduct so-called “relay activities” on French territory through adjustments to the relevant legal framework.
He also noted that the national financial ecosystem is now more inclusive, supported by a more robust banking infrastructure that includes, in addition to the banking network, institutions specializing in payments and money transfers, microfinance institutions, crowdfunding platforms, and a mature system of public guarantees for bank loans.
“Despite the progress made in advancing financial inclusion in Morocco, significant gaps persist between rural and urban areas, between genders, and between young people and adults,” he noted, adding that the National Financial Inclusion Strategy, jointly led by the Ministry of Economy and Finance and the Central Bank, aims primarily to reduce these disparities.
According to him, several reforms and initiatives have been undertaken in Morocco over the past decades at the institutional, regulatory, banking, and business environment levels to promote financial inclusion for remittance recipients and strengthen the contribution of Moroccans living abroad to the country’s economic development.
Bank Al-Maghrib has fittingly launched several initiatives in collaboration with stakeholders aimed at improving the efficiency and transparency of the remittance ecosystem and digital access to financial services, as well as reducing costs—notably by eliminating the exclusivity clauses imposed by international operators on their local partners, he explained.
Celebrated annually worldwide on June 16, the International Day of Remittances was proclaimed by the United Nations General Assembly to recognize the contribution of migrant workers and diaspora communities to sustainable development.
Source: map
