Enhancing Financial Capability and Financial Inclusion in Morocco: A Demand Side Assessment

This report provides recommendations to enhance financial capability and the level of financial inclusion in Morocco. It is based on a financial capability survey that comprised a nationally representative sample of 3,000 Moroccan adults conducted between September and December 2013. Key findings and recommendations presented in the report cover four main areas: financial inclusion, financial capability, relationship between financial inclusion and capability, and financial consumer protection. The report also investigates whether the products which financially included individuals use are effectively meeting their needs. Key highlights include:

• Approximately 41% of Moroccan adults use a formal financial product or service;
• Bank accounts are the most commonly used financial product, with 28% of adults reporting having a deposit or checking account;
• MFIs currently reach about 5% of the adult population;
• Knowledge of basic financial concepts is a challenge in Morocco;
• Moroccan adults are familiar with products provided by 4.3 different types of providers;
• In Morocco there is no substantial difference in financial behaviors and attitudes of respondents with and without formal financial products;
• Around 25% of respondents experienced a financial service provider conflict but the majority did not try to solve the conflicts they encountered.