Financial Exclusion in Morocco: Environmental Impact and Explanation through the application of Grounded Theory

Abstract

With the establishment of the national strategy for financial inclusion in 2015, Morocco launched a challenge to the promote access and use of basic financial products and services such as opening a bank account, savings and insurance while dealing with the various factors and obstacles contributing to financial exclusion. The objective of this paper is to explain the factors of financial exclusion in Morocco and their impact on the environment. To achieve this objective, we have adopted a method based on the application of grounded theory while making a study that is both qualitative and quantitative through a questionnaire and semi-structured interviews conducted on the Moroccan population aged 18 years and above for a period of two months (April and May 2023) using data processing software such as SPSS and N’vivo. The results show that there are several factors that lead to financial exclusion, mainly : lack of trust in financial institutions, low level of education and financial knowledge, lack of financial products and services adapted to the needs of individuals and companies such as loans granted to finance environmental protection projects. To reduce and curb these obstacles, it is recommended to develop financial education programs, and to strengthen the transparency and accountability of financial intuitions.