Financial Literacy Program for Entrepreneurs: Empowering Morocco’s Economic Backbone
The Moroccan Foundation for Financial Education’s (FMEF) Financial Literacy Program for Entrepreneurs has been honoured as the runner-up for the Best Non-Profit Project in a Developing Country at the Money Awareness and Inclusion Awards (MAIA) 2024. This innovative programme is dedicated to empowering microentrepreneurs in Morocco with essential financial management skills, fostering sustainable development and economic resilience.
“The FMEF’s programme is a wonderful example of how targeted financial education can transform lives and communities,” says Trudi Harris, co-founder of the MAIAs. “Their commitment just shows that there is nowhere in the world where financial education is not useful.”
Target Community: Moroccan Microentrepreneurs
The Financial Literacy Program for Entrepreneurs focuses on Morocco’s microentrepreneurs, who represent 90% of the country’s businesses. These entrepreneurs face significant challenges, including insufficient financing and fiscal management, which often lead to insolvency. Recognising these obstacles, the FMEF has tailored its programme to address the specific needs of this vital but vulnerable sector.
“Our mission is to empower microentrepreneurs with the knowledge and skills they need to succeed,” explains Sara El Haddouti, project manager at the FMEF. “By providing comprehensive financial education, we help them build stronger, more resilient businesses.”
Making Money Accessible and Beneficial
The programme offers a robust curriculum designed to cover key financial topics such as cash management, credit, budgeting, payments, and entrepreneur-specific insurance. With eight modules, each spanning up to three hours, the programme accommodates the busy schedules of microentrepreneurs, ensuring maximum engagement and flexibility.
“Our modules are designed to be practical and accessible,” says El Haddouti. “We deliver content in Arabic and French across various formats, including practical guides, applications, and e-learning, supporting both classroom and self-paced study.”
One of the programme’s standout features is its innovative e-learning platform, which facilitates continual learning. This platform allows participants to access materials at their convenience, enabling them to reinforce their knowledge and skills over time. Since its launch, the programme has trained around 23,000 project holders and entrepreneurs, significantly contributing to a more financially literate and resilient business community in Morocco.
Innovation and Impact
The Financial Literacy Program for Entrepreneurs is innovative in its approach, simplifying complex financial concepts and making them accessible to small business owners. The programme’s modules are concise and agile, designed to accommodate populations with limited availability. Available in simplified Arabic (Moroccan dialect) and French, the training includes presentations, practical sheets, hands-on tools, screencasts, expert videos, case studies, and self-evaluation quizzes.
“Our training program simplifies corporate finance for small project initiators, providing them with the necessary tools for efficient financial management,” notes El Haddouti. “This approach ensures that our participants can apply what they learn directly to their businesses.”
The impact of the programme is evident in its impressive reach and positive feedback. In 2021, the programme trained 1,393 entrepreneurs and project holders, with 37% being women. By 2022, the reach expanded to 8,692 micro-entrepreneurs, 1,198 artisans, and 3,030 cooperatives. Participants report significant improvements in their financial management skills, with a notable increase in correct responses on pre- and post-session quizzes and an average approval rating above 90%.
Testimonials: Real Stories of Change
The success of the Financial Literacy Program for Entrepreneurs is best illustrated by the testimonials from its participants. “The budgeting module provided invaluable insights, empowering me to allocate resources more effectively in my business,” says one entrepreneur. Another participant shared, “Learning about funding options and credit reports has boosted my confidence and opened new doors for financial growth.”
These testimonials highlight the transformative impact of the programme on participants’ lives, enabling them to overcome financial challenges and achieve greater business success.
Closing the Gender Gap
Addressing gender disparities is a key focus of the programme. The FMEF targets Moroccan female entrepreneurs, who face a low entrepreneurial activity rate. The programme offers tailored financial education to foster women’s financial independence and respond to the specific challenges they face.
“We aim to empower women to confidently launch and manage their projects,” says El Haddouti. “By providing targeted education and support, we help women achieve greater socio-economic autonomy.”
Expanding Financial Literacy
Looking ahead, the FMEF plans to expand the reach of its Financial Literacy Program, aiming to support even more microentrepreneurs. The foundation is developing new modules based on recent findings from the 2023 financial capability barometer, ensuring that the programme remains aligned with the latest socio-economic developments.
“The FMEF’s Financial Literacy Program for Entrepreneurs is a powerful tool for fostering financial literacy and economic resilience,” concludes Michael Gilmore, co-founder of the MAIAs. “As the programme continues to grow, it promises to create lasting positive change for entrepreneurs and their communities across Morocco..”