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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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The Credit Agricole du Maroc (CAM) Group announced its decision to double its mobile branches to consolidate its proximity policy, consolidating its role as a “benchmark partner in the rural world” and strengthening its support for the Moroccan economy during the COVID-19 crisis.
The Central Rural Mobile Network Department is responsible for increasing the size of the mobile fleet from 50 to 100. The banking group initially intended to deploy the fleet to support the weekly activities of souks in rural areas, but in the face of the global pandemic, the mobile agencies have been helping to mitigate the negative economic impacts of COVID-19.
The fleet already operates the distribution of state aid and will be further used for particular actions targeting financial inclusion, solidarity farming, and digitalization.
The mobile agency network showed effectiveness and agility in reaching the most isolated rural populations during the crisis induced by the outbreak of the novel COVID-19, as beneficiaries of governmental aid could quickly and safely access funds through CAM’s channels.
Part of the bank’s public service mission is to support rural populations through observations and policies, and its organizational strengthening came after consultation with Morocco’s Ministry of Agriculture. The group’s press release said “[the operation] is fully in line with its public service mission” and is “faithful to its policy of supporting rural populations.”
The move serves to reinforce CAM’s support for the Moroccan economy during the COVID-19 crisis. In April, CAM secured a credit worth MAD 560 million (approximately $56 million) to support Moroccan agriculture. The group also donated MAD 15.1 million (approximately $1.5 million) to Morocco’s national COVID-19 response fund.
The Credit Agricole du Maroc Group has been present in Morocco since 1929. The group “finances agriculture and participates in the socio-economic development of the rural world, in parallel with market and investment activities” with 543 agencies throughout the country.
