Studies and Research on Microfinance Sector in Morocco: An Overview


  • Ghita Bennouna PhD student in the Laboratory of Research in Applied Mathematics- Ecole Mohammadia d’Ingénieurs-Mohammed V University
  • Mohamed Tkiouat Professor of Industrial Economics and Game theory Ecole Mohammadia d’Ingénieurs-Mohammed V University


Microfinance, Moroccan micro-Credit Association, Micro-Finance Institution, Activity, low income.


The Microfinance sector in Morocco started during the 90s to meet the needs of a large population excluded from the banking system and which require financial support to improve its situation and its living conditions. This sector has grown considerably in a few years after the creation of the first Moroccan microfinance associations (AMC), that’s why several studies and research has been done in order to evaluate this sector and its sustainability from one side and to identify and measure the contribution of the microfinance sector to the development of its customers from another side. This paper discusses the current situation of the microfinance in Morocco while evaluating its contribution to the development of the activities financed by this sector also it includes many of the studies and research which has been conducted to analyze this sector.


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Albaraka. Study of the economic and social impact of microcredit. Working paper. June, 2014.

Amghar, I, Direction of treasury and outside Finances, Ministry of Economy & Finance. (2008). Evolution of the microcredit sector in Morocco. Working paper, December 2008.

Atallah, C. & El Hyani, O. (2005). Microfinance: what perspectives of development for IMF? Case of Morocco. Research paper, Great Cycle School, ESCP Europe. May, 2009.

Bouharra, F. (2004). Risk, uncertainty and microenterprises financing in Morocco: Comparative study with formal business of the Moroccan manufacturing sector, Memory for obtaining the DESA, University Hassan II, Casablanca.

CGAP. Development, crisis and recovery of the microfinance sector in Morocco.December 2009. Available at: or

Duval, A. Evaluation of the micro-credit sector in Morocco. Working paper, September 28, 2001.

IKM, Planet Finance Morocco & FNAM (2005). Evaluation of the impact of microfinance in Morocco. Available at:

Crépon, B., Devoto, F., Duflo, E., & Pariente, W. Evaluation of the impact of microcredit in rural area in Morocco, Série Analyse d’Impact Ex Post n°2. Paris: Agence française de développement, March, 2012.

JAIDA. Sectorial study: MicroFinance one year after the announcement of turbulences. Working paper. September 2009.

Moufatih, A. (2010). The implementation of a product of Microleasing within an institution of microfinance. Le Management par La VALEUR des produits, procédés et services, Revue de l’Association Française pour l’Analyse de la Valeur – AFAV n°124-125, PP.9-23.

Mourji, F. (2000). Studies of the impact of Zakoura Micro-Credit (ZMC) Program. MicroStart Program. Working paper, December 2000.

Pallud, A. (2005). Current situation of the microfinance sector in Morocco. BIM n°18. October 2015.

Reille, X. (2014). Out of the crisis in the microfinance sector in Morocco: Timely and effective interventions. International Finance Corporation World Bank Group.

Reille, X., Lyman, T.R. (2005). Diagnostic Report on the Legal and Regulatory Environment for Microfinance in Morocco. Working paper. June, 2005.

The CMS portal:

The FNAM Portal:

The Microfinance portal:

The Mix Market Portal:

Yunus Center :




How to Cite

Bennouna, G., & Tkiouat, M. (2016). Studies and Research on Microfinance Sector in Morocco: An Overview. Asian Journal of Applied Sciences, 4(3). Retrieved from