The sector is known for the concentration of activity. The contribution of the first 3 MFAs in the distribution of credits stood at 93% at the end of 2020.
The government aims to enable the microfinance sector to regain its growth and financial health this year. The various measures put in place or in the process of being activated should thus make it possible to reach a target of 900,000 microcredit beneficiaries by the end of 2022. Similarly, the Executive aims to ensure that the guarantee fund dedicated to the profession benefits 9 microfinance associations this year. Even if in 2021, the sector showed signs of recovery, the rate of non-performing loans increased significantly to 12.1% at the end of June 2021, after 8.3% at the end of December 2020, against 3.1% in 2019.
2022 will be the year of recovery for the microfinance sector. According to our information, the government’s objective is to bring the sector back to at least the pre-crisis level. The various measures put in place or in the process of being activated should thus make it possible to reach a target of 900,000 microcredit beneficiaries by the end of 2022, compared to 865,000 in 2020, down 3.6% over one year. While awaiting the 2021 annual figures, the sector showed some signs of recovery and recovery in demand in the first half of last year. Loans granted by micro-credit associations totaled an outstanding amount of 8.6 billion dirhams in the first half of 2021, marking an increase of 14.4% over one year and 6.2% compared to the end of 2020. the deceleration of activity, coupled with the postponement of deadlines and the rise in risks, had a heavy impact on the profitability of the sector in 2020. It recorded a cumulative net loss of 246 million dirhams, after a profit of 220 million in 2019 , reflecting a 24% decline in NBI, in connection with the virtual cessation of credit production during the period of sanitary confinement, and a worsening of the cost of risk by 50% to 459 million DH to form 5.7% credits.
In 2021, the sector returned to profit with a cumulative net result of around 20 million DH recorded at the end of June last year. Nevertheless, the volume of outstanding debts increased significantly, generating a risk rate of 12.1% at the end of June 2021, after 8.3% at the end of December 2020, against 3.1% in 2019 and 3% in 2018 Given the context of the health crisis and its repercussions on the weakened clientele of the micro-credit sector, Bank Al-Maghrib proceeded, on a temporary basis until the end of June 2021, to the relaxation of the rules of classification and provisioning of outstanding debts of micro-credit associations. This measure was extended to the end of June 2022. Among the levers on which the Ministry of Finance is relying to revive the sector in 2022 is the Guarantee Fund for micro-finance associations. In order to counteract the effects of the crisis on income-generating activities in the informal sector and ensure their rapid recovery, the government has set up a guarantee fund to cover loans granted by these institutions. The framework agreement creating this fund was signed in November 2020 by the ministry and the Central Guarantee Fund (CCG: now the National Company for Guarantee and Corporate Financing – SNGFE). According to a source familiar with the matter, the Finance Department aims to bring this Fund to benefit 9 microfinance associations (AMF) in 2022, out of the 12 currently in the sector. Note that the sector is known for the concentration of activity. The contribution of the first 3 MFAs in the distribution of credits was established, at the end of 2020, at 93% and that of the first 5 associations at 98%. In addition, the revision of the legal and regulatory framework relating to micro-financing will continue to diversify the offers able to include micro-savings and micro-insurance.