The United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Queen Máxima of the Netherlands, said that Morocco has an opportunity to harness digital payments, fintech, and green finance to expand financial inclusion.
The Royal’s statement are part of her conclusion following her most recent visit to the country, where she held several meetings with government officials.
In a new release, the secretary general highlighted three priorities that she reportedly went over while visiting Morocco, the first of which is digital payments as an entry point for inclusive finance.
Queen Máxima stated that the kingdom’s push towards great financial inclusion could be facilitated by digital payments, which offer an entry point to the formal financial system.
The queen stated that the next steps discussed during her visit included digitizing all government-to-person and person-to-government payments, as well as establishing a national payments council to systematically digitize payment flows and coordinate this agenda across the public and private sectors.
The second priority is that Fintech can help financial inclusion flourish.
“As of 2020, Morocco has become the third largest fintech hub in the Arab world, with 40 fintech solutions, according to the Consultative Group to Assist the Poor (CGAP),” said the secretary general.
She stressed the necessity of a favorable regulatory framework, which includes a shift toward a test-and-learn/sandbox approach that permits greater regulatory evolution, in order to advance the financial technology sector.
The last priority that the UNSGSA highlighted is the growing importance of inclusive green finance (IGF).
The future National Financial Inclusion Strategy for the nation should incorporate IGF as a major pillar, Queen Máxima suggested to Moroccan officials.
She added that scaling IGF products and use cases, such as weather index insurance options for smallholder farmers, will benefit from collaboration with technical partners.
The secretary-general said that “Morocco is ahead of the curve when it comes to financial policies that tackle climate change.”
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