Netherlands’ Queen Maxima in Morocco to promote digital financial inclusion

On Mar 21, 2023

Now on a four-day working visit to Morocco, Queen Maxima of the Netherlands is promoting fintech, the growth of digital payment systems, and inclusive green finance, among other crucial topics related to financial inclusion.

The queen wants to “offer support to further advance gains that Morocco has made in financial inclusion in recent years,” according to the UNSGSA, who is also the UN Secretary-Special General’s Advocate for Inclusive Finance for Development (UNSGSA).

The Special Advocate will study how Morocco’s fintech industry may develop during her working visit, paying particular attention to ways to encourage technology that can assist address risks, costs, and geographical constraints to financial services in Morocco.

The support provided by Queen Maxima is primarily meant to assist historically marginalized populations, including as women and small business owners, in gaining access to formal financial services.

The significance of inclusive green finance, in particular the contribution of financial services to resilience-building and aiding in adaption to climate threats, will also be emphasized by Queen Maxima.

The UNSGSA visited the Moroccan start-up Chari in Casablanca on the first day of the trip, which was yesterday, to discover how the business is promoting digital transformation and financial inclusion for mom-and-pop stores.

#UNSGSA Queen Máxima visits with Moroccan start-up Chari today in Casablanca to learn firsthand how the company is facilitating digital transformation and #financialinclusion for mom-and-pop shops. #Morocco pic.twitter.com/rBuLAOXktM

— UN SG's Special Advocate Queen Máxima (@UNSGSA) March 20, 2023

The queen met with the chairman and CEO of the Bank of Africa, Othman Benjelloun, as well as a fintech association on the same day.

#UNSGSA Queen Máxima concluded day one of her country visit to #Morocco to promote inclusive finance with a pair of productive meetings, including with a fintech association and with Bank of Africa Chairman and CEO Othman Benjelloun. pic.twitter.com/IkClXCETrp

— UN SG's Special Advocate Queen Máxima (@UNSGSA) March 20, 2023

Today, the UNSGSA met with representatives of the private sector at a roundtable in Casablanca to talk about business potential and how to create fintech and digital payment systems. She also got to know Meryem Chami, Managing Director of AXA Assurance Morocco.

#UNSGSA Queen Máxima opens the 2nd day of her #Morocco visit in Casablanca meeting w/ AXA Assurance of Morocco Managing Director Meryem Chami, followed by a roundtable meeting w/ select private sector leaders. #digitalpayments #fintech pic.twitter.com/JItt4P2aIW

— UN SG's Special Advocate Queen Máxima (@UNSGSA) March 21, 2023

The UNSGSA will go to Casablanca and Rabat tomorrow to meet with important public and private sector stakeholders and to undertake a last client visit. They will also talk about ways to assist and work on inclusive finance in Morocco.

She will have multiple bilateral talks during her visit, according to a release from the UNSGSA, including “Head of Government Aziz Akhannouch, Secretary-General of the Government Mohamed El Hajoui, Economy and Finance Minister Nadia Fettah Alaoui, and Industry and Trade Minister Ryad Mezzour.”

She will also meet with “Governor of Bank Al-Maghrib Abdellatif Jouahri, Delegate-Minister to the Head of Government Ghita Mezzour, and President of Moroccan Capital Market Authority Nezha Hayat,” according to the release.

The visit of Queen Maxima coincides with continuing initiatives in Morocco to encourage financial inclusion and increase access to financial services for the benefit of various demographic groups, individuals, and enterprises.

The nation of North Africa approved a National Financial Inclusion Plan in 2019. (NFIS). Adult Moroccans now possess bank accounts at a rate of 44%, up from 29% in 2017. By the end of 2023, it is hoped to achieve 50%, and by the year 2030, 75%.

The queen’s business visit to Morocco is her first trip there while serving as head of the UN, according to the Royal House of the Netherlands.