The African Development Bank Group, through the Africa Digital Financial Inclusion Facility (ADFI), has awarded a $510,000 grant to Morocco's Insurance and Social Welfare Supervisory Authority (ACAPS), to support the use of innovative technologies and strengthen financial inclusion in the insurance sector.

The independent public authority responsible for regulating and supervising the insurance and social welfare sectors in Morocco known as ACAPS, will provide a counterpart contribution of $170,000 and use ADFI's support to promote greater inclusion of the most vulnerable populations, particularly women and young people.

This support will help develop innovative solutions and assist market players in offering products that are more accessible, transparent and better tailored to the needs of women and young people.

The Bank Group's operation aims in particular to address barriers related to access to, understanding of and use of insurance products by supporting the integration and effectiveness of InsurTech solutions. It also includes methodological and technical support for traditional operators to facilitate their transformation and adaptation to market developments.

This intervention will actively contribute to the implementation of Morocco's National Financial Inclusion Strategy. In particular, it will strengthen the protection and economic inclusion of the target populations through a more inclusive and diversified insurance offering and better-adapted insurance products. It will also help raise awareness among stakeholders and adapt the regulatory framework to support innovation and foster the emergence of new distribution channels.

"The support provided today by the African Development Bank Group to ACAPS through ADFI marks an important milestone in our efforts to promote digital innovation and financial inclusion in the Kingdom of Morocco," said Achraf Tarsim, Head of the Bank Group's Country Office in Morocco.

According to ACAPS Chairman Abderrahim Chaffai, "This partnership builds on the Authority's ongoing efforts to promote insurance that is more inclusive, more innovative and more policyholder-centered." He added: "It will help strengthen people's access to insurance services, while supporting the transformation of the sector through innovation and the development of InsurTech solutions."

Since it began operations in Morocco in 1978, the Bank Group has mobilized nearly $16 billion to finance more than 150 projects and programmes, in strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and the financial sector.

About ADFI Africa Digital Financial Inclusion Facility (ADFI)

ADFI works to make digital financial solutions in Africa valuable, affordable, safe, and accessible by breaking down barriers to the growth, uptake, and use of digital financial solutions in general, and reducing the gender gap in financial inclusion in particular. Current ADFI partners are the Agence française de développement (AFD); the Ministry of Economy, Finance, Industrial, Energy and Digital Sovereignty, France; the Ministry of Finance, India; the Ministry of Finance, Luxembourg; the Gates Foundation, the Women Entrepreneurs Finance Initiative and the African Development Bank, who host and manage the facility. For more information: www.adfi.org