VOICES FROM THE FIELD – MOROCCO

The document details how BCP, through its subsidiary Attawfiq Micro-Finance, used a USD 25 million gender bond to provide micro-credits and non-financial services to women in Morocco. It highlights the barriers women face—such as lack of collateral, cultural norms, and limited financial literacy—and demonstrates how targeted micro-credit has enabled women in both rural and urban areas to expand businesses and escape poverty. While the initiative shows success in financial inclusion, the text notes that investor focus on yield over social impact and rigorous reporting requirements remain challenges for the growth of social bonds.

• Women in Morocco face systemic barriers to financial inclusion, including low income, unpaid domestic work, cultural perceptions that male authorization is needed for loans, and inheritance laws that prevent women from owning collateral.
• BCP issued Africa's first gender bond via private placement, raising approximately USD 25 million to support the economic empowerment of low-income women through Attawfiq Micro-Finance.
• The gender bond facilitated 17,080 loans with an average value of USD 1,431 over a 24-month tenure, with 14,945 loans going to urban women and 2,135 to rural women; 31% of grantees were youth aged 18 to 35.
• Attawfiq Micro-Finance provides non-financial capacity-building services alongside credit, including financial education, leadership workshops, women's fairs, and an entrepreneurs' network.
• The growth of social bonds in Morocco is hindered by investors prioritizing yield over social impact, a lack of incentives and subsidies, and the burden of rigorous reporting and certification standards.

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} }