Half of women who own small businesses in Morocco have difficulty accessing formal financing, according to the partner organizations.
Meknes – Morocco’s central bank and the International Finance Corporation (IFC) have launched a series of webinars to support female entrepreneurs in the country.
Bank Al Maghrib (BAM) and IFC announced the program on Monday, according to a joint BAM and IFC statement cited by local outlet LeMatin.
The initiative aims to advance financial inclusion by sharing insights and the latest financing trends for women-owned businesses.
More broadly, the IFC partnership with BAM aims to help banks serve a wider community of women.
With half of their small companies experiencing difficulty accessing financing, many female entrepreneurs in Morocco have no “other choice than to use their own resources and savings to finance the development of their business,” said the same source.
During the first webinar, executives from Morocco’s banking sector discussed, among other topics, ways to use gender-based data to broaden the financial services available to female entrepreneurs.
Both partners expressed confidence in bank-collected data’s capacity to inform the development of appropriate, targeted financial services.
The BAM-IFC initiative is not the first of its kind Morocco has seen this year.
The Federation of Moroccan Enterprises (GEM) and the IFC announced in June their support for a series of e-commerce webinars to empower female entrepreneurs in the country.
The World Bank Group hosted a free, virtual webinar series between June 15 and July 2 within the “Women Entrepreneurs Finance Initiative” (We-Fi) program. We-Fi seeks to comprehensively and sustainably overcome the challenges that women entrepreneurs face.
We-Fi’s initiative in Morocco aligned with those of CGEM and IFC to support small businesses as they recover from the economic impact of the COVID-19 pandemic.