Enhancing Credit Access for Moroccan Families Receiving Remittances
On September 16, 2026, a significant initiative was announced aimed at improving access to credit for 4,000 beneficiaries of remittances sent by Moroccan expatriates (MREs). This new system will incorporate the history of money receipts into a credit evaluation method developed by Damane Cash and Salafin, facilitating easier access to financial resources for families living in rural and peri-urban areas who regularly receive funds from relatives abroad, yet remain distanced from traditional banking credit.
Presented during the board meeting of the International Fund for Agricultural Development (IFAD) on September 15 in Rome, the project acknowledges the vital role that remittances play in the Moroccan economy. It is noteworthy that the majority of funds sent home are still utilized for everyday family expenses. According to IFAD, Morocco received approximately $13 billion in remittances in 2025, constituting nearly 8% of its Gross Domestic Product (GDP).
Comprehensive Financial Services Beyond Credit
The credit initiative is just one facet of a broader program. Damane Cash plans to establish electronic accounts or wallets for 12,000 beneficiaries and distribute 4,000 payment cards. To ensure active engagement, at least 70% of those enrolled will be required to complete their first transaction or actively use their accounts. Furthermore, a life insurance product tailored for families receiving money from abroad is set to be developed in collaboration with Royale Marocaine d’Assurance (RMA). This insurance will cover 2,000 beneficiaries and offer a streamlined digital process from subscription to claims reporting.
The project will take place over two years with an estimated budget of €317,000, including a grant of €221,000 from IFAD and €96,000 from Damane Cash. Salafin will independently finance the loans granted, while RMA will contribute the necessary resources for the new insurance product.
This initiative also emphasizes inclusivity, prioritizing women, low-income households, and individuals who have never accessed formal financial services. At least half of the direct beneficiaries are expected to be women, and the program anticipates providing financial education, information campaigns, and communication via SMS or WhatsApp to 10,000 individuals. The Moroccan Foundation for Financial Education, initiated by Bank Al-Maghrib, will play a vital role in this educational component.
As reported by bladi.net.
