MOROCCO – The International Finance Corporation (IFC), a member of the World Bank Group and the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) have entered into a partnership.
The partnership is aimed at defining strategic orientations, promoting the acceleration of the digitization of the insurance sector in Morocco, to enable it to adapt to major digital trends, but also to strengthen financial inclusion and reduce vulnerabilities.
As part of this technical assistance program, IFC will support ACAPS in the development of a roadmap to accelerate the digital transformation of the insurance sector, and thus benefit from the rapid development of the digital economy. on the continent.
According to a report published last year by IFC and Google, the digital economy could represent 5.2% of the African continent’s GDP by 2025, or around US$180 billion.
Digital solutions are an opportunity to expand access to financial services, including insurance products, in emerging countries.
This is particularly the case in Morocco, which is the second largest insurance market in Africa but whose penetration rate of insurance products, one of the highest on the continent, is still below 4%.
“Morocco has a dynamic and resilient insurance market. However, we believe that to consolidate this achievement, we must open the way to new development opportunities and in particular that offered by digital,” declared Othman El Alamy, Acting President of ACAPS.
“Our partnership with IFC will help identify the most favorable conditions for the development of a digital insurance sector, while ensuring the preservation of the rights of policyholders and beneficiaries of contracts.”
This technical assistance program contributes to IFC’s efforts to strengthen financial inclusion in Morocco and foster sustainable and equitable economic growth.
“Digital tools represent a real opportunity to develop the insurance sector in Morocco by allowing market players to offer innovative products, optimize their processes and meet the protection needs of small businesses, but also of households, not covered today by traditional offers and channels,” said Xavier Reille, director of IFC for the Maghreb.
This partnership is part of IFC’s MSME 2.0 program, implemented in Morocco with the support of the Swedish Government, which aims to strengthen the access of small and medium-sized enterprises to financial services.
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