The Foundation and Crédit du Maroc are committed to Moroccan microfinance

© Philippe Lissac

As part of a cooperation scheme, the Grameen Crédit Agricole Foundation and Crédit du Maroc support Moroccan microfinance institutions that offer financial services to populations traditionally excluded from the traditional banking system.

An innovative partnership to support microfinance

The Grameen Crédit Agricole Foundation and Crédit du Maroc are committed to the microfinance sector in Morocco. They are implementing an intervention plan that allows Crédit du Maroc to finance the microfinance institution in local currency with a guarantee from the Foundation, which also handles the monitoring process.

Founded in 2008 by Crédit Agricole executives and 2016 Nobel Peace Prize winner Professor Yunus, the Grameen Crédit Agricole Foundation finances and supports more than 75 microfinance institutions and social enterprises in Africa, Asia, and Europe, with over €80 million in outstanding loans. Crédit du Maroc has been supporting the country's economic development by financing individual and corporate clients since 1929.

With this partnership, Crédit du Maroc is strengthening its role as a bank committed to inclusive finance. “The partnership with the Grameen Crédit Agricole Foundation will allow us to better approach the ecosystem of very small businesses and income-generating activities, which represent half of the companies registered in the central commercial register in Morocco. It also underlines Crédit du Maroc's civic commitment as a socially responsible company by participating in financial inclusion,” said Baldoméro Valverde, Chairman of the Board of Crédit du Maroc.

For the Foundation, this is a great opportunity to multiply its impact by operating in Morocco for the first time. "Ten years after the Foundation's creation, we are building a new story with the Crédit Agricole Group. Alongside Crédit du Maroc, we will support Moroccan institutions to promote social entrepreneurship, financial inclusion, and agricultural development. It's a shared, tireless commitment to moving forward together toward a more shared economy," says Eric Campos, General Delegate of the Foundation and Director of CSR at Crédit Agricole SA.

Al Karama, the first institution funded

The Foundation approved a guarantee of €1.1 million on a loan of MAD 10.4 million granted by Crédit du Maroc to the Al Karama Foundation for Microfinance.

This institution, which grants loans for the development of professional activities, serves more than 27,000 active borrowers, mainly women (57% of clients) and manages a portfolio of more than €10 million. It has operations throughout the country thanks to a network of 84 branches and 314 employees.

In cooperation with Crédit du Maroc, Al Karama will also benefit from technical assistance to improve its anti-money laundering and counter-terrorist financing (AML-CFT) systems as part of the “Solidarity Banker” skills volunteer program. This program, open to all Crédit Agricole Group employees, was launched in 2018 by the Grameen Crédit Agricole Foundation and Crédit Agricole SA to support organizations funded by the Foundation through technical assistance missions (//gca-foundation.org/banquier-solidaire).