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Crédit du Maroc Forges New Path, Prioritizing Middle Class and SMEs
In a strategic reorientation, Crédit du Maroc has announced its shift towards focusing on the burgeoning middle class, wage earners, and the small and medium-sized enterprise (SME) sector. This significant move deviates from the bank's traditional emphasis on large corporations, signaling a renewed commitment to addressing the varied financial requirements of Moroccan individuals and businesses.
Ali Benkirane, the head of collective management at Crédit du Maroc, revealed the bank's ambitious plans during a press conference highlighting the institution's robust 2023 performance. "We're earmarking a substantial 10 billion dirhams to support SMEs and an additional 5 billion dirhams for private customers," Benkirane declared, emphasizing the bank's steadfast dedication to these pivotal sectors.
Contrary to the prevailing industry trend towards digitalization, Crédit du Maroc intends to expand its physical branch network. "We will establish additional agencies in collaboration with our newly appointed regional directors," Benkirane explained, underlining the bank's commitment to maintaining a strong on-the-ground presence.
Concurrently, the bank is spearheading a comprehensive digital transformation initiative aimed at enhancing its digital banking services and augmenting its overall investment appeal. This dual approach, combining an expanded physical presence with cutting-edge digital capabilities, positions Crédit du Maroc as a formidable player in the Moroccan financial sphere.
In alignment with its strategic pivot, Crédit du Maroc has thrown its support behind the "Cap Access" program initiated by the Mohammed VI Investment Fund, affirming the bank's dedication to bolstering and empowering Moroccan businesses.
Crédit du Maroc's financial performance in 2023 has been exceptionally strong, with net profits surging by an impressive 24.4%. This growth can be attributed to a rise in net banking products and enhanced operational efficiency, laying the groundwork for the bank's ambitious plans to cater to the nation's middle class and SME sector.
As Crédit du Maroc embarks on this transformative journey, its unwavering commitment to addressing the diverse financial needs of Moroccan individuals and businesses promises to reshape the country's financial landscape, fostering economic growth and empowering communities across the kingdom.