VOICES FROM THE FIELD – MOROCCO

This case study describes the implementation of a gender bond by Banque Centrale Populaire (BCP) in Morocco, facilitated by its subsidiary Attawfiq Micro-Finance, to improve the economic inclusion of low-income women through micro-credits and non-financial support services.

• Women in Morocco face systemic barriers to financial inclusion, including low income, unpaid domestic work, cultural perceptions that they require male authorization for loans, and inheritance laws that prevent them from owning collateral for bank loans. Additionally, limited financial literacy, high costs, and scarce access points in rural areas further marginalize women.
• BCP's Social Bond Framework, implemented via Attawfiq Micro-Finance, provides micro-credits and capacity-building services to low-income women. Non-financial services include leadership workshops, financial education, women's fairs, a networking platform for entrepreneurs, and awareness campaigns in middle and high-schools.
• In March 2021, with support from Financial Sector Deepening Africa (FSD Africa), the Moroccan Capital Market Authority (AMMC) introduced gender bond guidelines. BCP subsequently became the first entity in Africa to issue a gender bond through a private placement.
• The gender bond raised approximately USD 25 million via private placement, resulting in 17,080 loans with an average value of USD 1,431 over a 24-month tenure. Of these, 14,945 loans went to urban women and 2,135 to rural women; 31% of grantees were youth aged 18 to 35.
• Despite the social impact, the growth of social bonds is hindered by investors prioritizing yield over social impact, a lack of incentives for investors and subsidies for issuers, and rigorous reporting and certification standards. Furthermore, Moroccan SMEs struggle to access the capital market due to their size.

APA

FSD Africa (n.d.). VOICES FROM THE FIELD – MOROCCO. https://fsdafrica.org/wp-content/uploads/2025/05/BCP-Gender-Bond_Final.pdf

Chicago

FSD Africa. VOICES FROM THE FIELD – MOROCCO. n.d. https://fsdafrica.org/wp-content/uploads/2025/05/BCP-Gender-Bond_Final.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=VOICES FROM THE FIELD – MOROCCO |url=https://fsdafrica.org/wp-content/uploads/2025/05/BCP-Gender-Bond_Final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafricandvoices, author = {{FSD Africa}}, title = {{VOICES FROM THE FIELD – MOROCCO}}, institution = {FSD Africa}, url = {https://fsdafrica.org/wp-content/uploads/2025/05/BCP-Gender-Bond_Final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }