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Cryptocurrencies could become a significant lever for boosting financial inclusion in Morocco, stated the Minister of Economy and Finance, Nadia Fettah, during an event in Casablanca on Monday.
«Despite the risks associated with cryptocurrencies, they can also be viewed as an opportunity, particularly to promote financial inclusion», Fettah remarked during a panel discussion titled «A New Era for African Finance: Has the Time of Champions Finally Arrived?» held as part of the Africa Financial Summit (AFIS-2024).
Morocco has made notable progress in advancing financial inclusion through a dedicated national strategy, but additional efforts are needed to address the needs of rural areas and improve banking access, she added.
In this context, the Minister highlighted that cryptocurrencies could serve as a future solution, provided that robust and secure regulatory frameworks are established. She also stressed the importance of ensuring cross-border guarantees to build trust in these emerging financial tools.
Fettah referenced the announcement by the Wali of Bank Al-Maghrib regarding the draft law on cryptocurrencies, which is currently in the process of adoption.
Sérgio Pimenta, Vice President for Africa at the International Finance Corporation (IFC), also spoke at the event. He emphasized the IFC’s efforts to expand its presence across the continent, representing a significant shift in the institution's approach.
This expansion aims to provide stronger support to local populations and businesses, particularly by engaging with stakeholders at the earliest stages, even before projects materialize, he noted.
Pimenta also underscored the importance of a resilient banking sector as a cornerstone for the future, enabling effective responses to the growing demands of a rapidly evolving economic environment.
Held for the first time on Moroccan soil, this edition of AFIS, under the theme «The Time for African Financial Powers Has Come», brought together private sector leaders and government representatives to explore strategies for positioning African finance as a driver of development, economic growth, and resilience.
