In a move to strengthen the role of micro-businesses in Morocco’s economy, Bank Al-Maghrib (BAM) has announced a new initiative aimed at improving access to financing for small enterprises. The program, which offers refinancing at a preferential rate, is expected to provide much-needed support to micro-businesses, which make up nearly 88% of the country’s economic fabric.
A Strategic Move to Strengthen Micro-Businesses
BAM Governor Abdellatif Jouahri revealed the program during a press conference following the central bank’s first quarterly meeting of 2025. He explained that the refinancing rate will be set 25 basis points below the key policy interest rate, making credit more accessible to small businesses and encouraging job creation.
This initiative aligns with ongoing efforts by BAM, commercial banks, and Tamwilcom, a national financing institution, to ease financial barriers for micro-businesses. On March 6, 2025, stakeholders held a meeting to discuss potential improvements, including streamlining banking procedures, accelerating application reviews, and revising the Intelaka program, which was launched in 2020 to promote entrepreneurship.
Collaborative Efforts for Sustainable Growth
To further refine the program, BAM is set to host a tripartite meeting in the first half of the year, bringing together key stakeholders such as the General Confederation of Moroccan Enterprises (CGEM), sector federations, and banks. This collaborative approach aims to create a more efficient and supportive financial ecosystem for micro-businesses, fostering economic growth and stability.
With this new financing program, Bank Al-Maghrib reaffirms its commitment to supporting Morocco’s small business sector, recognizing its crucial role in employment and economic development. By offering preferential refinancing rates and improving banking procedures, the initiative is expected to enhance financial inclusion and provide micro-businesses with the tools they need to thrive.