- Morocco Fintech Center (MFC) comes as part of Morocco’s efforts to support fintech startups.
- This association will offer regulatory guidance, mentorship, and incubation.
- Startup funding and international growth are expected to rise as a result of this initiative.
The Moroccan Ministry of Digital Transition and Administrative Reform announced the creation of Morocco Fintech Center to boost digital economy. The association’s main goal is to develop the startup ecosystem, aligning with Morocco’s plan to develop its national digital economy.
The MFA currently hosts around 15 banks and institutions, and is open to additional organizations wishing to join the initiative. According to Bank Al-Maghrib, Morocco’s central bank, the association will be a one-stop shop for fintech companies.
Morocco Fintech Center will offer significant services such as mentoring, business incubation and skills development programs. It will also help navigate the regulatory landscape and secure funding, establishing a dynamic landscape for innovation and collaboration.
As part of its Digital 2030 strategy, Morocco aims to foster 1,000 certified startups by 2026 and 3,000 by 2030. This is considered a significant increase compared to only 380 startups that were supported in 2022.
The government has another goal, which is to raise $696.6 million for local startups by 2030, and this initiative is expected to contribute to this goal. It also envisions the emergence of 10 high-growth startups and one to two unicorns by 2030.
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