Morocco targets higher bank ownership for women with new financial inclusion drive

Morocco’s central bank and Ministry of Economy and Finance are partnering with the World Bank–affiliated Consultative Group to Assist the Poor (CGAP) to launch a National Women’s Financial Inclusion Alliance (WFI) aimed at turning the financial system into a tool for women’s economic empowerment.

The initiative, unveiled in a CGAP report, will form part of the next phase of Morocco’s National Financial Inclusion Strategy (NFIS) and seeks to make women an explicit target rather than a general priority. Authorities plan to raise women’s bank account ownership from 35 percent to higher levels, bridging one of the region’s widest gender gaps in access to finance.

According to CGAP, the gender gap in account ownership in Morocco stands at 20 percentage points—four times the average for developing economies. “In 2024, only 35 percent of adult women held a bank account compared to 55 percent of men,” the group said, calling the move a “bold step” to create a coordinated system linking regulators, banks, and development partners.

The alliance will be co-led by Bank Al-Maghrib and the Finance Ministry, bringing together major banks, microfinance institutions, payment companies, relevant ministries, and professional associations. It will serve not just as a coordinating body but as an executive platform providing technical support and experimentation tools to financial institutions.

Its first initiative will offer banks data analytics tools to better understand female customers’ needs and design gender-sensitive services. The alliance will also build progressive financial pathways for women, combining account opening, tailored savings products, and digital payment partnerships, with the goal of fostering trust and sustained participation in the formal financial system.

CGAP will act as a facilitator during the alliance’s first year, monitoring progress, mobilizing donor support, and ensuring continuity of efforts on the ground.