Morocco Plans to Expand Access to Financial Services With Fintech

Published at: Nov. 22, 2019

Morocco is looking to expand access to financial services through the integration of blockchain technology in the country’s financial sector.

Speaking at the Africa Blockchain Summit in Morocco’s capital of Rabat, the country’s central bank governor Abdellatif Jouahri said that Morocco will deploy financial technology to enhance access to financial services, Morocco World News reported on Nov. 21. This fintech implementation will come as part of the country’s financial inclusion strategy and especially targets underserved citizens.

To reach the unbanked

Jouahri further elaborated that the application of fintech, including blockchain technology, would help Morocco to achieve its goal to provide “all individuals and businesses a fair access to formal financial products and services […] in order to promote economic and social inclusion.” Jouahri said:

“Blockchain is by far the most disruptive technology of this decade.”

Specifically, the central bank intends to create lower-cost models to bring financial services to underserved citizens and develop favorable conditions for non-cash transactions and settlement. 

Morocco’s crypto and blockchain developments

Morocco has been testing the waters of decentralized ledger technologies recently; this spring it collaborated with a range of international organizations to conduct the world's first supposed cross-border securities settlement between two central depositories using the Quartz blockchain.

Last September, news broke that Morocco was going to build a 36-megawatt crypto mining farm in partnership with American Bitcoin (BTC) mining company Soluna. The scheme, known as a power purchasing agreement, would enable the company to establish a foothold in the region with the possibility of expanding sales beyond the border in future years.

Tags
Adoption
Blockchain
Government
Fintech
Central Bank
Banks
Morocco
Related Posts
UK will likely need to issue a digital currency, says BoE deputy governor
The Bank of England's deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future. In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected on past, present and future trends in the widespread use of private money issued by commercial banks, noting that the COVID-19 pandemic has accelerated existing trends away from public to private money for everyday payments. About 70% of respondents to a recent Bank of …
Adoption / May 14, 2021
Reserve Bank of Zimbabwe to Study Blockchain Implementation
The Reserve Bank of Zimbabwe (RBZ) has initiated studies of blockchain technology with a view to subsequently embrace the technology and integrate it into the bank’s business processes, local news outlet NewsDay reported July 5. Speaking at the Alpha Media Holdings’ Banks and Banking breakfast meeting in Harare yesterday, RBZ governor John Mangudya reportedly said that the bank is looking to embrace the technology. He stated that central banks in a number of countries, including China, the U.S., U.K., and South Africa have been considering blockchain deployment for their own activities. Mangudya continued: “I did not say cryptocurrencies because it …
Adoption / July 5, 2018
From taxes to electricity, blockchain adoption is growing in Austria
Austria has been actively transforming into an attractive location for providers of blockchain-based products, with the government itself experimenting with the technology and trying to create a legal basis upon which companies can use it. With regard to blockchain-based applications in the economy, however, Austria is still in the experimental phase, with most firms still running pilot projects. Still, politicians and economists alike see potential for select industries. Public administration reform via blockchain The Austrian government is quite open to blockchain innovations, cryptocurrencies aside, and has supported various projects in the public and private sectors. In 2019, a consortium of …
Decentralization / March 28, 2022
What is the global financial crisis and its impact on the global economy
When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks. Related: DeFi vs. CeFi: Comparing decentralized to centralized finance Financial crises can be caused by a variety of factors, including: Overleveraging: When people, businesses, and governments take on excessive debt, they put themselves at …
Adoption / Feb. 5, 2023
5 ways CBDCs could impact the global financial system
Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system. Digitalization of payments CBDCs might make payments quicker and more efficient because they would do away with the need for intermediaries. Costs could be brought down as a result, along with financial inclusion and an improved global payments system. CBDCs could also enable cross-border payments to become faster and more efficient, as they would not be subject to the limitations of the traditional financial system. The ease and …
Adoption / Feb. 24, 2023