2024 could have been the yr of an actual restoration of microcredit in Morocco. A revival which nevertheless masks important disparities between giant and small microfinance establishments (MFI). One other main commentary, the rise in energy to finance very small companies (VSEs) which now represents virtually 21% of the full excellent of the sector, reflecting a strategic growth of MFIs to a extra structured and doubtlessly extra worthwhile portfolio.
In response to information unveiled by Jaïda, the microfinance-expert-expert, the general excellent of the sector reached 9.45 billion dirhams, up 9.3% over one yr, a considerably larger improve between 2020 and 2023. This development is defined by the rise within the quantities of the loans granted and the extension of their maturity. It’s supported by public mechanisms like these of Tamwilcom, which offer focused ensures and co -financing, specifically for the advantage of VSEs. This orientation is an extension of the measures taken by the general public authorities, specifically the decree implementing the microcredit regulation (adopted in 2019) regarding the rise within the ceiling of loans granted by microcredit establishments from 50,000 to 150,000 DH, facilitating the entry of VSEs to extra substantial funding and higher tailored to their growth and formalization wants.
A progressive rebalancing of the portfolio keep in mind that following the shock of the well being disaster, the sector skilled a slowdown in excellent development, which solely elevated by 5% between 2020 and 2023, towards 7% between 2018 and 2020, regardless of the relief of the regulatory framework. Annual manufacturing remained steady round 7 billion dirhams (new loans granted by the sector additionally reached 7.2 billion DH in 2024). This gloomy context was counterbalanced by a rebalancing of the construction of funding, for the advantage of VSEs. The financing of this section has elevated, specifically because of the introduction of public ensures and the need of the MFIs to focus on a extra solvent clientele. On the identical time, the variety of lively prospects fell from 0.9 million in 2020 to 0.8 million in 2023, then to 742,000 in 2024, illustrating a progressive contraction of the portfolio to a extra restricted, however economically extra viable buyer base.
Furthermore, the standard of the portfolio continued to enhance: charges of uncooked and web per30 had been established respectively at 6.23 and 4.76%, translating a stabilization of threat and extra cautious administration of the excellent, in a context nonetheless marked by post-crisis results.
Rising market focus This motion in direction of a extra structured mortgage portfolio advantages main MFIs, which alone seize 94% of sectoral debt. With higher monetary solidity and elevated refinancing capacities, they dominate a now very concentrated market. This imbalance limits the margins of diversification for donors and weakens the MFIs of medium or small measurement. The latter proceed to undergo from excessive refinancing prices, elevated publicity to threat and chronic structural weaknesses. The absence of clear prospects for restoration slows down the dedication of economic companions in direction of them.
If the rise in energy of the financing of VSEs illustrates a professionalization of the sector, it questions the capability of microcredit to stay a software of mass monetary inclusion. The present refocusing responds to profitability and viability imperatives, however might in the end go away apart part of the general public traditionally focused by microfinance: folks excluded from the standard banking system.
“On this contrasting context, Moroccan microfinance confirms its structuring position in inclusive funding, whereas requiring differentiated help in keeping with the dimensions and maturity of establishments. The problem for the approaching years shall be to take care of this development trajectory whereas guaranteeing the viability and diversification of actors within the sector, ”says Jaïda.
