The subsidy granted by the AfDB to ACAPS aims to support the use of innovative technologies and strengthen financial inclusion in the country’s insurance sector.
Financial inclusion: During a ceremony chaired by Nadia Fettah, Minister of Economy and Finance, the AfDB and ACAPS signed an agreement to provide a financial subsidy to extend access to insurance services to vulnerable populations.
New support to strengthen financial inclusion in the insurance sector. A grant of $510,000 has just been awarded by the African Development Bank Group (AfDB) to the Insurance and Social Security Supervisory Authority (ACAPS) through its African Digital Financial Inclusion Facility (ADFI). A mechanism that works to make digital financial solutions in Africa useful, affordable, safe and accessible by removing barriers to the growth, adoption and use of digital financial solutions in general, and reducing gender inequalities in financial inclusion in particular. With this in mind, the subsidy granted by the AfDB to ACAPS aims to support the use of innovative technologies and strengthen financial inclusion in the country’s insurance sector. Thus, ACAPS will use this grant to extend access to insurance services to vulnerable populations, primarily women and young people.
“The grant awarded to ACAPS under the ADFI marks an important step in our efforts to promote digital innovation and financial inclusion in the Kingdom of Morocco,” says Achraf Tarsim, country manager of the Bank in Morocco. For his part, Abderrahim Chaffai, president of ACAPS, assures: “This partnership is a continuation of the efforts undertaken by the Authority to promote more inclusive, innovative and policyholder-centered insurance. It will help to strengthen people’s access to insurance services, while supporting the transformation of the sector through innovation and the development of InsurTech solutions. In detail, this intervention will be based on the development of innovative solutions and support for market players, in order to offer products that are more accessible, transparent and adapted to the needs of target populations. An initiative which aims in particular to remove obstacles to access, understanding and use of insurance products by supporting the integration and effectiveness of InsurTech technologies.
It also provides methodological and technical support to traditional operators, with a view to facilitating their transformation and adaptation to market developments. It should be noted that this grant actively contributes to the implementation of the National Financial Inclusion Strategy (SNIF), in particular by strengthening the protection and economic integration of target populations through an inclusive and diversified insurance offer, insurance products adapted to disadvantaged groups, raising awareness among stakeholders and adapting the regulatory framework to support innovation and encourage the emergence of new distribution channels. Recall that since 1978, the African Development Bank Group has mobilized nearly 16 billion United States dollars to finance more than 150 projects and programs in Morocco, covering strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and the financial sector.
