Morocco's Insurance and Social Welfare Control Authority (ACAPS) has signed a partnership agreement with the African Development Bank (AfDB) to strengthen access to insurance services. The initiative is supported by a $510,000 grant from the AfDB Group, aimed at enhancing financial inclusion in the region.
The grant will fund technical assistance and capacity-building programs to develop inclusive insurance products, particularly for underserved populations. The partnership aligns with the AfDB's strategy to promote financial sector development in Africa.
ACAPS, which regulates the insurance and social welfare sectors in Morocco, will use the funds to improve regulatory frameworks and expand insurance penetration. The project is expected to benefit low-income households and small businesses by increasing their access to risk management tools.
This collaboration marks a step forward in addressing the insurance gap in North Africa, where penetration rates remain low compared to global averages. The AfDB has supported similar initiatives in other African countries to foster economic resilience.
