The Moroccan government aims to accelerate the development of a national digital economy by 2030. A key focus of this initiative is developing the local startup ecosystem.

The Moroccan Ministry of Digital Transition and Administrative Reform announced on Sunday, January 19, the creation of a new association dedicated to advancing fintech in Morocco. Named the "Morocco Fintech Center" (MFC), this association already comprises around 15 banks and institutions and remains open to other organizations interested in joining.

According to Bank Al-Maghrib (BAM), Morocco's central bank, the MFC is designed to serve as a one-stop shop for fintech companies. It will support their growth through mentorship programs, incubation, acceleration, skill development, and facilitate understanding of the regulatory environment as well as access to financing. Additionally, the MFC aims to foster a collaborative fintech ecosystem that encourages partnerships and networking opportunities while promoting research and development in financial innovation.

In December 2024, Abderrahim Bouazza, Director General of BAM, announced plans to launch a fintech hub in January. This initiative aligns with Morocco's ambition to build a globally competitive local startup ecosystem by implementing specific measures to support the creation, growth, and international expansion of digital startups. This effort falls under the second pillar of the "Digital Morocco 2030" strategy, which focuses on energizing the digital economy.

The initiative is expected to play a crucial role in achieving the government's target of fostering 1,000 certified Moroccan startups by 2026 and 3,000 by 2030, compared to just 380 in 2022. By 2030, the goal is to raise 7 billion dirhams ($696.6 million) for local startups, a significant increase from the 260 million dirhams raised in 2022. Furthermore, the government envisions Morocco having 10 "gazelles" (high-growth startups) and one to two unicorns by 2030.

By Isaac K. Kassouwi,

Editing by Sèna D. B. de Sodji