The World Bank approved financing of $450 million for advancing financial and digital inclusion to continue supporting the government in implementing reforms to improve financial inclusion, digital entrepreneurship and more in Morocco.

The FINNIX mobile app, which is regulated by the Bank of Thailand, was developed by MONIX and offers microfinance loans through a completely digital process from loan application to approval and disbursement.

The agreement was concluded as part of the Regional Investments initiative launched by BCP to assist innovative Moroccan solutions.

The investment aims to support a resilient recovery by promoting business growth, creating jobs, and fostering financial inclusion.

Ongoing shifts toward e-commerce, digital payments (including contactless), and instant payments have all been significantly boosted during the pandemic with real-time payments surging by 104 percent.

The financing is part of a program that supports policy measures to enable the rollout of the country’s social protection program, including the creation of digital IDs and cashless payments as part of cash transfer programs.

The Bank of Thailand has been asked to review the ceiling of interest rates and supervise credit cards, personal loans and car loans, as the Thai government has vowed to tackle high household debt, incurred by credit card and personal loans.

The announcement came on International Women’s Day, a worldwide celebration of womanhood and femininity and a focal point in the global movement for women’s rights.

Notwithstanding border restrictions, the region’s digital payments ecosystem is growing as countries collaborate to connect their domestic payment systems.

This is a continuation of the EIB's action carried out for several years in favor of microfinance in Morocco and is part of the bank's response aimed at supporting  micro-entrepreneurs, in the context of the COVID-19 crisis.