Bank Al-Maghrib has initiated an extensive inspection of credit offerings from banks and loan companies in Morocco, in response to a rise in consumer complaints.
The focus is on ensuring compliance with regulations surrounding interest rates, fees, and credit contract terms, particularly in consumer loans.
BAM is scrutinizing whether these loans align with consumer protection laws, including the right to withdraw, and verifying the accuracy of advertised terms such as interest rates, fees, and repayment periods.
The inspection also targets misleading advertisements and ensures banks provide transparent information in line with legal requirements. BAM plans to issue reports that may lead to penalties such as warnings and fines for institutions found in violation.
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