The African Development Bank (AfDB) has approved a $510,000 grant to Morocco's Insurance and Social Welfare Supervisory Authority (ACAPS) to support financial inclusion in the insurance sector, according to a statement from the bank on April 24, 2026.
The grant, provided through the AfDB's African Financial Inclusion Fund, aims to strengthen ACAPS's capacity to develop inclusive insurance products and improve regulatory frameworks for underserved populations, including low-income households and small businesses.
Morocco's insurance penetration rate remains low at around 2% of GDP, according to recent industry data. The project will focus on microinsurance, digital distribution channels, and consumer protection mechanisms to expand coverage.
ACAPS will use the funds to conduct market studies, train staff, and pilot innovative insurance models tailored to informal sector workers and rural communities. The initiative aligns with Morocco's National Financial Inclusion Strategy, which targets increasing insurance access to 50% of adults by 2030.
The AfDB has supported several financial inclusion projects in Morocco, including a $200 million loan in 2023 to boost digital financial services. The new grant is expected to leverage additional investments from other development partners.
