Tighter operating conditions imposed within the European Union on intermediary activities carried out by subsidiaries of Moroccan banks are among the main challenges facing Morocco’s remittance ecosystem, a senior Bank Al-Maghrib official said on Thursday.
Speaking at a meeting in Rabat marking the International Day of Family Remittances, Bank Al-Maghrib Director General Abderrahim Bouazza said Moroccan authorities are closely monitoring the issue in coordination with their European counterparts.
Bouazza noted that restrictions affecting so-called “relay activities” conducted by subsidiaries of Moroccan banks in Europe could impact channels used by Moroccans living abroad to transfer funds to their home country.
He welcomed support from French authorities for maintaining authorization for such activities in France through adjustments to the relevant legal framework, describing the move as an important step for preserving remittance services.
The central bank official also highlighted the evolution of Morocco’s financial ecosystem, saying it has become more inclusive and diversified in recent years. In addition to traditional banking networks, the system now includes payment and money transfer institutions, microfinance organizations, crowdfunding platforms and public guarantee mechanisms for bank loans.
Despite this progress, Bouazza acknowledged that significant disparities in access to financial services remain between rural and urban areas, between men and women, and between younger and older populations.
He said Morocco’s National Financial Inclusion Strategy, jointly led by the Ministry of Economy and Finance and Bank Al-Maghrib, seeks to reduce these gaps and expand access to financial services across the country.
According to Bouazza, Morocco has implemented a series of institutional, regulatory and banking-sector reforms over the past decades to improve financial inclusion for remittance recipients and strengthen the contribution of Moroccans living abroad to national economic development.
Bank Al-Maghrib has also launched several initiatives with public and private stakeholders aimed at improving the efficiency, transparency and digitalization of remittance services while reducing transfer costs. Among these measures was the removal of exclusivity clauses previously imposed by international money transfer operators on local partners.
The remarks were made ahead of the International Day of Family Remittances, observed annually on June 16 and designated by the United Nations to recognize the contribution of migrant workers and diaspora communities to sustainable development worldwide.
