New for the microcredit activity in Morocco. The House of Representatives unanimously adopted, Tuesday, June 22, 2021 in plenary session, the bill relating to microcredit. The bill, which is part of the continued integration of microcredit into the financial system and the improvement of its governance, aims to broaden the scope of activity of microfinance establishments, which includes, in addition to the granting of microcredits, the collection of deposits and the operations of microinsurance, in accordance with the regulations in force.
Microcredit establishments have thus been defined as being any legal entity carrying out microcredit activities in favor of people with limited income with the aim of creating or developing production or service activities, or income-generating and job-creating activities. ‘use.
The text will also offer the possibility of creating these establishments according to two legal statuses: an association assimilated to a credit establishment or a joint-stock company assimilated to a credit establishment. Under this bill, the ceiling for microcredits will be set by decree, depending on the category, objectives and financial resources of each institution.
Since their establishment, microcredit institutions have played an important role in revitalizing the economic and social fabric of the country. Their creation is thus justified by the difficulty of access to the traditional banking system encountered by the country’s broad social classes, particularly those who evolve in the informal sector or those who are not banked.
It must be said that these establishments have enabled many families with limited incomes to be able to realize their dream of creating their own projects. An important social evolution has indeed been noted thanks to these credits with certainly high interest rates but all the same with conditions more or less accessible to the greatest number of Moroccans.