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Rabat – Banque Central Populaire (BCP) in 2021 issued loans for 19,000 Moroccan clients under COVID business support program Damane Relance, a state-sponsored initiative to help Small and Medium-Sized Businesses overcome financial problems from the pandemic.
In addition to funding Moroccan businesses under the state-launched programs, the Moroccan bank launched a number of private initiatives aiming to enhance the country’s financial inclusivity and boost its services for the underbanked and unbanked businesses in Morocco.
The bank’s programs include the 2021 Chaabi Intelak caravan initiative for SMBs and the BCP-backed “Gender Bonds,” a financing tool aiming at supporting women-led business initiatives.
The micro-finance project is the first of its kind in the country with a budget of €150 million.
At the end of 2021, the banking group reported overall positive turnover for the 2021 year, with the bank’s customers’ deposits growing by MAD 6 billion over the same period, a 31% market share.
The bank reported a 0.5% annual increase in customer loans, totaling MAD 201.5 billion, according to a statement from the bank.
With 8.7 million clients, BCP is Morocco’s second-largest banking group with a strong foothold home a large network of 18 subsidiaries spread across the African continent.
The bank’s Africa expansion strategy is paying off with its subsidiaries contributing 25% of the bank’s growth recorded in the third quarter of 2021.
A major player in Morocco’s banking sector, the BCP banking group won several awards including the “2022 World’s Best Trade Finance and Supply Chain Finance Providers” Awards from Global Finance, an international business magazine.
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