Morocco Secures $510,000 AfDB Grant to Expand Insurance Access

Agadir – The African Development Bank Group (AfDB) has approved a $510,000 grant to Morocco’s Insurance and Social Welfare Supervisory Authority (ACAPS) to support financial inclusion and accelerate the adoption of innovative technologies in the country’s insurance sector.

The funding is provided through the Africa Digital Financial Inclusion Facility (ADFI), and it aims to expand access to insurance services among vulnerable populations, particularly women and young people. ACAPS will complement the grant with a $170,000 contribution of its own.

The agreement was signed on April 23 during a ceremony chaired by Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance.

According to the AfDB, the initiative will focus on developing innovative solutions and supporting market players in designing insurance products that are more accessible, transparent, and tailored to underserved groups. It also seeks to address key barriers related to access, understanding, and use of insurance services.

Read also: AfDB Grants $510,000 to Support Morocco’s Digital Payments Expansion

A central component of the program is the integration of insurTech solutions, which are expected to modernize the sector and improve service delivery. The initiative also includes technical and methodological support for traditional insurance operators to help them adapt to ongoing market transformations.

It aligns with Morocco’s National Financial Inclusion Strategy, aiming to strengthen economic participation and social protection through a more inclusive and diversified insurance ecosystem. The project also emphasizes raising awareness among stakeholders and adapting regulatory frameworks to encourage innovation and new distribution channels.

“The support provided today by the African Development Bank Group to ACAPS through ADFI marks an important milestone in our efforts to promote digital innovation and financial inclusion in the Kingdom of Morocco,” said Achraf Tarsim, Head of the Bank Group’s Country Office in Morocco.

ACAPS Chairman Abderrahim echoed that sentiment as he stressed the project’s critical significance in terms of democratizing access to insurance. “This partnership builds on the Authority’s ongoing efforts to promote insurance that is more inclusive, more innovative and more policyholder-centered,” Chaffai said. “It will help strengthen people’s access to insurance services, while supporting the transformation of the sector through innovation and the development of InsurTech solutions.” 

The post Morocco Secures $510,000 AfDB Grant to Expand Insurance Access appeared first on Morocco World News.