Influences
N. Fettah: Cryptocurrencies: A Lever to Boost Financial Inclusion in Morocco
According to the Minister of Economy and Finance, cryptocurrencies could serve as a future solution, provided robust and secure regulations are established, alongside offering cross-border guarantees to strengthen trust in these new financial tools.
Nadia Fettah, Morocco’s Minister of Economy and Finance, stated on Monday, December 9, in Casablanca, that cryptocurrencies could become a major lever to enhance financial inclusion in Morocco. Speaking during a panel titled “New Era for African Finance: Has the Time for Champions Finally Arrived?” at the Africa Financial Summit (AFIS-2024), she emphasized, “Despite risks associated with cryptocurrencies, they can also be viewed as an opportunity, particularly to advance financial inclusion.”
Fettah acknowledged Morocco’s significant progress in financial inclusion through a dedicated national strategy but stressed the need for further efforts to address the needs of rural populations and banking institutions.
In this context, she highlighted that cryptocurrencies could serve as a forward-looking solution, provided a robust and secure regulatory framework is established, alongside cross-border safeguards to strengthen confidence in these emerging financial instruments. She referenced the Governor of Bank Al-Maghrib’s recent announcement regarding the ongoing adoption of a cryptocurrency bill.
Meanwhile, Sergio Pimenta, Vice President of the International Finance Corporation (IFC) for Africa, underscored the institution’s efforts to expand its continental footprint, signaling a strategic shift in its approach. This expansion aims to deepen support for local communities and businesses, including guidance for stakeholders seeking to engage from the earliest stages of project development, he noted.
Pimenta also stressed that a resilient banking sector is critical to addressing the growing demands of a rapidly evolving economic landscape.
Held under the theme “The Time for African Financial Powers Has Come,” this edition of AFIS—hosted for the first time in Morocco—brought together private-sector leaders and government representatives to discuss strategies for positioning African finance as an engine of development, economic growth, and resilience.
