The African Development Bank Group has donated $510,000 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 funding will enable the independent public authority responsible for regulating and supervising the insurance and social welfare sectors to promote greater inclusion of the most vulnerable populations, particularly women and young people.
The AfDB grant supports the implementation of Morocco’s National Financial Inclusion Strategy. 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.
“The support provided today by the African Development Bank to ACAPS marks an important milestone in our efforts to promote digital innovation and financial inclusion in the Kingdom” said Achraf Tarsim, Head of the Bank Group’s Country Office in Morocco.
For his part, ACAPS Chairman Abderrahim Chaffai said this partnership builds on the Authority’s ongoing efforts to promote more inclusive and innovative insurance.
The Bank’s donation will also help strengthen access to insurance services, while supporting the transformation of the sector through innovation and the development of InsurTech solutions, he added.
Since it began operations in Morocco in 1978, the AfDB has injected nearly $16 billion in 150 projects and programs in strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and finance.
