Governor of Morocco’s central bank “Bank Al-Maghrib” (BAM), Abdellatif Jouahri, announced that BAM has to date approved three arrangements for collaborative financing companies and crowdfunding, including one for “donations.”
“Crowdfunding” is an alternative form of financing that enables startups, companies, associations, civil society players and cooperatives to raise funds for projects from the public via an Internet platform.
Jouahri touted the potential benefits of this new form of financing for the Moroccan economy at a press briefing held following BAM’s second quarterly Board meeting for 2024.
Jouahri stated that the initiative represents a crucial experiment for Morocco, requiring in-depth data analysis to assess its effectiveness, particularly for start-ups and small businesses.
He noted that “a great deal of work” has gone into finalizing the framework for collaborative financing.