Digital innovation transforms Morocco’s traditional savings system

Morocco’s centuries-old rotating savings system, known locally as “daret” or tontine, is undergoing a digital transformation aimed at addressing the financial exclusion affecting 53 percent of the country’s adult population. The new mobile application, developed by former French banking executives Nabil Chakir and Mourad Chokeir, seeks to modernize this informal financial practice while preserving its community-centered approach, reports news outlet le360.

The traditional daret system has long served as an economic lifeline for Moroccans lacking access to formal banking services. Typically organized among family members, friends, or colleagues, these savings circles have relied on paper notebooks, WhatsApp groups, and spreadsheets for management. However, these manual methods often result in payment delays, disputes, and occasional fraud cases, creating significant operational challenges for participants.

The newly launched application addresses these pain points through centralized digital management. Users can establish savings circles, define operational rules including member numbers and payment frequencies, and monitor contributions in real time.

The platform sends automated reminders and accommodates users without bank accounts, making it accessible to underserved communities. “The application preserves the solidarity spirit of the traditional tontine while adding digital guarantees,” explains to the news outlet Chakir, whose personal experience with family tontines inspired the venture.

While the initial September release functions primarily as a management tool without integrated payment processing, discussions with Bank Al-Maghrib and payment institutions are underway to incorporate financial transactions in future versions. The development team envisions expanding beyond Morocco’s borders to other countries with limited banking penetration.

This digital initiative represents a broader effort to formalize Morocco’s shadow economy, which accounts for approximately 30 percent of national GDP. By providing structured, traceable mechanisms for traditional savings practices, the application could significantly advance financial inclusion efforts across the nation’s remote regions.