Financial literacy in Morocco

Abstract: In general, there is still lack of awareness of many financial products and services among the public in Morocco. The huge expectations on the benefits of the development of financial services could turn to disappointment if they are offered in absence of a well-designed ecosystem that must include specialized human capital, education and financial literacy. So, there is need to reach expectations of customers and protect them, inadequate attention to consumer protection and financial literacy can lead to financial instability. If financial literacy and inclusion are more important now, there is a multiple area for enhancement and improvement in term of human resources and stakeholders. Furthermore, if the supply of the financial system is diversified, accessible and inexpensive for a successful financial inclusion, the fact remains that on the demand side, financial education is essential so that the population can assimilate the financial basic concepts. In this regard, Bank Al Maghrib (Central Bank in Morocco) is continuing its financial education activities since the creation in 2012 of the Moroccan Foundation for Financial Education (FMEF) with the aim of implementing the national financial literacy strategy that focus on young and VSEs through customized financial awareness programs.