📋 Tender Overview
IFC and the Autorit de Contrle des Assurances et de la Prvoyance Sociale ACAPS have entered into a partnership aimed at defining strategic orientations promoting the acceleration of the digitization of the insurance sector in Morocco in order to enable it to adapt to major digital trends but also to strengthen financial inclusion and reduce vulnerabilities.As part of this technical assistance program IFC will support ACAPS in the development of a roadmap to accelerate the digital transformation of the insurance sector and thus benefit from the rapid development of the digital economy. on the continent.According to a report published last year by IFC and Google the digital economy could represent 5.2 of the African continents GDP by 2025 or around 180 billion.Digital solutions are an opportunity to expand access to financial services including insurance products in emerging countries. This is particularly the case in Morocco which is the second largest insurance market in Africa but whose penetration rate of insurance products one of the highest on the continent is still below 4. .Morocco has a dynamic and resilient insurance market. However we believe that to consolidate this achievement we must open the way to new development opportunities and in particular that offered by digital declared Othman El Alamy Acting President of ACAPS. Our partnership with IFC will help identify the most favorable conditions for the development of a digital insurance sector while ensuring the preservation of the rights of policyholders and beneficiaries of contracts. This technical assistance program contributes to IFCs efforts to strengthen financial inclusion in Morocco and foster sustainable and equitable economic growth.Digital tools represent a real opportunity to develop the insurance sector in Morocco by allowing market players to offer innovative products optimize their processes and meet the protection needs of small businesses but also of households not covered today by traditional offers and channels underlined Xavier Reille director of IFC for the Maghreb.This partnership is part of IFCs MSME 2.0 program implemented in Morocco with the support of the Swedish Government which aims to strengthen the access of small and medium-sized enterprises to financial services.
