Enhancing Financial Capability and Inclusion in Morocco

In response to a request of the Bank Al Maghrib (BAM), the World Bank has implemented a financial capability survey. Financial inclusion, financial literacy and consumer protection are high on the agenda of the BAM and the Ministry of Finance. BAM is keen to initiate the preparation of a national financial capability strategy (an initiative also supported by the Ministry of Finance). The proposed survey constitutes a key diagnostic tool to prepare such a strategy, to set quantifiable and concrete targets, and to assess the effectiveness of future financial capability enhancing programs. So far, no financial capability surveys have been conducted in Morocco and it is one of the very first such experiences in the Middle East and North Africa (MENA) region. The key findings and recommendations presented in this report cover 4 main areas: 1. Financial Inclusion, 2. Financial Capability, 3. Relationship between Financial Inclusion and Capability, and 4. Financial Consumer Protection.