The Moroccan government wants to accelerate the national digital economy by 2030. Among other projects, the executive is working on the development of the local startup ecosystem.
The Ministry of Digital Transition and Administrative Reform revealed, on Sunday January 19, that an association dedicated to the development of fintech has been created in Morocco. Named “Morocco Fintech Center”, the association already brings together around fifteen banks and institutions, and remains open to the membership of other organizations.
“The MFC aims to constitute a common window for fintechs, to support their development through support, incubation, acceleration and skills development programs and to facilitate their understanding of the regulatory environment. as well as access to financing. It is also committed to promoting a collaborative fintech ecosystem that fosters partnerships and networking opportunities, while encouraging research and development in financial innovation,” said Bank Al-Maghrib (BAM), Morocco’s central bank, in a statement.
In December 2024, Abderrahim Bouazza, general director of BAM, announced the launch of a project to create a fintech hub in January. This initiative is fully in line with Morocco’s ambition to build a local startup ecosystem with international reach, by putting in place specific measures to support the creation, growth and internationalization of digital start-ups. This is part of axis 2 of the “Digital Morocco 2030” strategy: Boosting the digital economy.
This initiative could contribute to achieving the Moroccan government’s ambition to support the creation of 1,000 labeled Moroccan start-ups by 2026 and 3,000 by 2030, compared to around 380 in 2022. By 2030, the objective is to raise 7 billion dirhams ($696.6 million) for local start-ups, compared to only 260 million dirhams in 2022. Finally, the executive predicts that Morocco will have 10 “gazelles” and one to two unicorns by 2030.
-Isaac K. Kassouwi
Published by Sèna DB de Sodji
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