The African Development Bank Group has approved a US$510,000 grant to support Insurance and Social Welfare Supervisory Authority in expanding financial inclusion and promoting innovation in Morocco’s insurance sector.
The funding is aimed at strengthening access to insurance services for underserved populations, particularly women and young people, while supporting the adoption of new technologies to modernise the sector.
According to officials, the grant will help ACAPS implement initiatives under Morocco’s National Financial Inclusion Strategy, with a focus on improving both the availability and accessibility of insurance products tailored to vulnerable groups.
The programme is expected to support the development of more inclusive and diversified insurance offerings, alongside efforts to enhance consumer protection and build trust in financial services.
Achraf Tarsim, head of the AfDB’s country office in Morocco, described the support as a significant step in advancing digital innovation and inclusion within the Kingdom’s financial ecosystem.
“The support provided today by the African Development Bank to ACAPS marks an important milestone in our efforts to promote digital innovation and financial inclusion,” he said.
ACAPS Chairman Abderrahim Chaffai said the partnership aligns with ongoing efforts by the regulator to modernise the insurance sector and expand coverage across the population.
He added that the grant would also help accelerate the development of InsurTech solutions—technology-driven insurance services that can lower costs, improve efficiency and expand reach, particularly in underserved and rural areas.
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Analysts say digital innovation is increasingly seen as a key driver of financial inclusion in Africa, where traditional insurance penetration remains low due to affordability constraints, limited awareness and distribution challenges.
By leveraging technology, regulators and providers aim to design simpler, more flexible products that can be delivered via mobile platforms and other digital channels.
The initiative forms part of broader efforts by Morocco to deepen its financial sector and improve economic inclusion, particularly as the country seeks to strengthen social protection systems and reduce inequality.
The AfDB has been a long-standing development partner to Morocco. Since beginning operations in the country in 1978, the bank has committed nearly $16 billion across around 150 projects spanning sectors such as transport, energy, agriculture, water and sanitation, governance and finance.
The latest grant underscores the growing emphasis on inclusive finance as a cornerstone of economic development, with insurance increasingly viewed as a critical tool for managing risk, protecting livelihoods and supporting long-term financial stability.
If successfully implemented, the programme could help expand insurance coverage in Morocco while setting a model for integrating technology into financial inclusion strategies across the region.
