Cryptocurrencies could become a major lever for strengthening financial inclusion in Morocco, Minister of Economy and Finance Nadia Fettah said on Monday in Casablanca.

“Despite the risks associated with cryptocurrencies, they can also be viewed as an opportunity, particularly in promoting financial inclusion,” Fettah stated during a panel entitled “A New Era for African Finance: Has the Time of Champions Finally Come?”, held as part of the Africa Financial Summit (AFIS 2024).

Morocco has made significant progress in financial inclusion through a dedicated national strategy, she noted, but further efforts are still required to address the needs of rural areas and the banking sector.

In this context, the minister indicated that cryptocurrencies could represent a solution for the future, provided they are governed by a robust and secure regulatory framework, and backed by safeguards extending beyond Morocco’s borders in order to strengthen trust in these new financial instruments.

Fettah also recalled the announcement by the Governor of Bank Al-Maghrib regarding the draft law on cryptocurrencies, which is currently in the process of being adopted.

Read also | AFIS 2024: Nadia Fettah calls for unlocking Africa’s financial potential

For his part, Sérgio Pimenta, Vice President for Africa at the International Finance Corporation (IFC), highlighted the efforts underway to expand the institution’s footprint across the continent, marking a significant shift in its approach.

This expansion aims to provide stronger support to local populations and businesses, particularly by accompanying stakeholders willing to engage at the earliest stages, even before projects are fully developed, he noted.

Pimenta also stressed that a resilient banking sector is a key prerequisite for the future, as it enables a more effective response to the growing needs of an economic environment undergoing rapid transformation.

Held under the theme “The Time of African Financial Powers Has Come”, this edition of the summit—taking place in Morocco for the first time—brings together private-sector leaders and government representatives to discuss strategies for enabling African finance to become a driver of development, economic growth and resilience.

(IDM with MAP)