chargement...
The tightening of regulatory requirements imposed by the European Union on the subsidiaries of Moroccan banks is among the main challenges facing the remittance system used by Moroccans living abroad (MREs), Bank Al-Maghrib (BAM) Director General Abderrahim Bouazza said on Thursday.
Speaking at an event held in Rabat to mark the International Day of Family Remittances, Bouazza said the issue is being closely monitored by both Moroccan and European authorities.
He also welcomed the support provided by French authorities in preserving the intermediation activities carried out by Moroccan bank subsidiaries in France, thanks to adjustments made to the legal framework.
Bouazza highlighted the diversification of Morocco's financial ecosystem, which now includes payment institutions, microfinance organizations, crowdfunding platforms and public credit guarantee mechanisms.
Despite these advances, however, significant gaps in financial inclusion persist, particularly between urban and rural areas and between younger and older populations, he noted.
According to Bouazza, remittances sent by Moroccans abroad continue to play only a limited role in productive investment. Citing data from the High Commission for Planning, he said that 87% of these funds are used to cover everyday household expenses.
He attributed this situation in part to administrative complexities, business environment constraints and a lack of incentives encouraging investment.
The official nevertheless argued that reforms introduced in recent years, notably the new Investment Charter, the Charter for Very Small Enterprises and the rollout of universal social protection, are creating a more favorable environment for channeling remittances from Moroccans abroad into investment and job creation, particularly in rural areas.
