A new collaboration between CIWA and Microfinanza

Today in Morocco, still more than 70% of the population does not have access to a bank account[1]. As many people who might not be able to seize a professional or personal opportunity if it presented itself to them. As many people who would have to resort to informal and expensive borrowing if they were faced with an unexpected expense.

Financial exclusion prevents individuals from breaking the vicious circle of poverty. It particularly concerns people suffering from other forms of discrimination, such as young people, women or people living in rural areas, thus reinforcing already existing inequalities.

CIWA and Microfinanza are two structures working for financial inclusion in Morocco: on the one hand CIWA through its digital platforms: a tontines solution (dar’t or 9or3a in darija) giving users the possibility to manage and secure their savings and credit with their communities, a financial education solution for both illiterate and literate populations, and Ciwa Score, a scoring algorithm that allows to pre-qualify the excluded population and include them in the formal financial world; on the other hand Microfinanza by accompanying microfinance institutions in the design of their financial products and by organizing financial education trainings for the most vulnerable populations. These two structures have decided to pool their tools and skills in order to develop innovative solutions enabling a greater number of Moroccans to have access to financial services adapted to their needs and capacities.

The three areas of intervention are: financial education; the use of digital tools to monitor transactions leading to the creation of credit histories for individuals so far excluded from the formal system; and strengthening interoperability between the different actors in the financial system.

This collaboration will create synergies and strengthen our work for financial inclusion and against poverty in Morocco.

[1]Global findex database, 2017

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