Loan to FBPMC to strengthen and develop a major microfinance player in Morocco

Fondation Banque Populaire pour le Micro-Crédit (FBPMC) is a Moroccan microfinance institution. It was set up by Groupe Banque Populaire (GBP) in March 2000 to contribute to the national effort to combat poverty and for the financial inclusion of poor populations, alongside the State and other NGOs. After having taken control of Zakoura in May 2009, FBPMC improved its situation and is now one of Morocco’s most robust microfinance institutions.

Proparco’s financing is earmarked to strengthen FBPCM’s equity and support its development in a context of consolidation in the sector. It will allow the institution to increase the size of its loan portfolio and diversify its range with innovative products and services, such as money transfers, micro-savings, micro-insurance and mobile banking. Proparco’s financial support will go towards the updating of FBPMC’s anti-money laundering and terrorist financing procedures. This financing was mobilized from the Support Fund for Governance Capacity Building (FRCG) managed by AFD.

The support for mature institutions such as FBPCM contributes to consolidating and institutionalizing the microfinance sector. This operation will more generally support the development of microenterprises and access to credit for disadvantaged populations in Morocco. It will also contribute to the dissemination of good practices for the fight against money laundering and terrorist financing.