Morocco: African Development Bank Group Approves $510,000 Grant to Support Inclusive Insurance

The African Development Bank Group, through the Africa Digital Financial Inclusion Facility (ADFI), has awarded a $510,000 grant to Morocco’s Insurance and Social Welfare Supervisory Authority (ACAPS), to support the use of innovative technologies and strengthen financial inclusion in the insurance sector. The independent public authority responsible for regulating and supervising the insurance and social welfare sectors in Morocco known as ACAPS, will provide a counterpart contribution of $170,000 and use ADFI’s support to promote greater inclusion of the most vulnerable populations, particularly women and young people. 

This support will help develop innovative solutions and assist market players in offering products that are more accessible, transparent and better tailored to the needs of women and young people. The Bank Group’s operation aims in particular to address barriers related to access to, understanding of and use of insurance products by supporting the integration and effectiveness of InsurTech solutions. It also includes methodological and technical support for traditional operators to facilitate their transformation and adaptation to market developments.