Jouahri highlights the role of BAM in promoting competition in the banking sector

The Wali of Bank Al-Maghrib, Abdellatif Jouahri highlighted, Wednesday in Marrakech, the role of Bank Al-Maghrib in promoting competition in the banking sector in Morocco.

“The promotion of competition in the banking sector is taken into account by Bank Al-Maghrib within the framework of its regulatory role and is reflected through the application of the same rules to all actors, without differentiation between the status of shareholders. (public or private, Moroccan or foreign)”noted Abdellatif Jouahri at the opening of the International Conference on “Digital Transformation: Between Regulation and Competitiveness” (09 and 10 November).

This aspect is also reflected in the opening of the banking sector to new players, in particular, participatory banks and payment institutions and the upcoming launch of the collaborative financing activity or ” crowdfunding »which has the advantage of strengthening the product offering and financial inclusion, he said.

In this regard, Bank Al-Maghrib has worked to remove barriers to access to banking services, in particular through the adoption with the banking profession of free selection of the usual banking services, as well as provided a framework for banking mobility to make it easier for customers to decide to switch banks, explained Jouahri.

In his opinion, strengthening the transparency of banking services is also a permanent concern for Bank Al-Maghrib, noting that the Bank has introduced requirements relating to the display of the conditions applied to banking operations, the transmission of bank statements to customers, the annual communication of the summary of commissions charged and the information of companies on their credit applications.

This transparency will be further reinforced by the setting up, by the banking sector under the aegis of Bank Al-Maghrib, of a comparator of bank prices and value dates, making it easier for customers to choose the bank that best meets their needs. their needs, he continued.

While noting that the economic model of digital platforms, their combination, associated with the pace of change and the global reach of certain market players, constitutes a challenge for regulators and competition authorities, Jouahri, recalled that Bank Al -Maghrib has put digital at the heart of its latest strategic plan 2019-2023, through the transformation of “ our internal processes and activities, in particular through re-engineering work and advanced data exploitation, as well as the evolution of our role as a regulator in the digitalization of financial services and the emergence of a Fintech ecosystem” .

“As a regulator, it is up to us to support the digital transformation of the banking sector, while ensuring that we identify and respond to the related challenges in terms of risk management, financial stability and consumer protection”, he said, noting that this Central Bank has undertaken several initiatives in collaboration with its partners, in particular the creation of “One Stop Shop Fintech” whose mission is to support fintechs on aspects related to banking regulations and an “Innovation Lab” to experiment with the solutions offered by fintechs in relation to its activities.

“We have also initiated, within the framework of a national commission bringing together all the stakeholders, the preparation of the legal framework for crypto-assets and launched the reflection on the potential issuance of a Digital Currency of Central bank “, he said, noting that these sites are likely to promote innovation and competition within the market.

“A new market dynamic is expected with the forthcoming introduction of Open Banking, which constitutes a powerful lever for innovation and research and development in the banking sector”he estimated.

Organized under the High Patronage of King Mohammed VI, jointly by the Competition Council, the National Telecommunications Regulatory Agency (ANRT) and the Digital Development Agency (ADD), this international conference is attended by representatives of governance bodies, competition authorities, international and regional organizations, economic actors, as well as experts and specialists from the legal, economic and financial world.

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