The Banque Centrale Populaire group (BCP) signed on December 15 in Rabat a partnership agreement with the Moroccan Foundation for Financial Education (FMEF). This non-profit organization, which reports to Bank Al-Maghrib, promotes the financial education and inclusion of the population.
The implementation of the agreement will involve, at the national level, the Banque Populaire and two of its subsidiaries: the Attawfiq Micro-finance Foundation (AMF), which offers its clients a wide range of micro-credits, particularly for the purpose of financing income-generating activities; and the Fondation Création d’Entreprises (FCE), which assists people with business creation projects on a daily basis in order to transform them into sustainable businesses that generate added value for the national economy.
Several roles fall under this convention. First, there is the consolidation of the historic partnership between the BCP group and the FMEF concerning financial education targeting the general public. This involves giving the latter the keys to sound management of its financial assets on a daily basis, with a view to its “empowerment” and its integration into formal economic and financial circuits.
These actions echo in particular others of international scope, such as Arab Day for Financial Inclusion, World Savings Day and Global Money Week. Then comes the establishment of specific support for the FCE by the FMEF in order to deploy financial education programs to the highest international standards, dedicated to project leaders and business creators supported by the FCE.
The latter will involve the FMEF in the strategic actions it is carrying out, with other players in the ecosystem, as part of the implementation of the Integrated Business Support and Financing Program (PIAFE).
Finally, it is about integrating, into the ecosystem of the Attawfiq Micro-finance Foundation, content focused on financial education intended for holders of income-generating activities and unstructured VSEs so as to increase the chances for the success of projects carried out by its clients.
“The BCP group is fully committed, alongside the FMEF and Bank Al-Maghrib, in this mission of creating value for the national economy through the financial education of target populations, with a view to their economic emancipation” underlines Mohamed Karim Mounir, CEO of the BCP Group.
A benchmark banking partner, the Banque Centrale Populaire Group has the largest network of branches in Morocco, to meet all the needs of its customers. The Moroccan Foundation for Financial Education was created in 2013.
With a role of coordinating the actions undertaken by its various members with a view to promoting financial education, the Foundation aims to: design financial education programs and coordinate with all stakeholders the implementation the resulting actions, their monitoring and the measurement of their effectiveness; initiate and make available educational content for financial education; raise awareness among stakeholders of the requirement for neutrality of actions in this area by avoiding their use for commercial purposes; contribute, through partnerships, national or international, to the realization of actions and events in financial education; promote good practices in financial education in accordance with international standards.