Publication:
Ending the Microfinance Crisis in Morocco: Acting Early, Acting Right

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dc.contributor.authorInternational Finance Corporation
dc.date.accessioned2017-02-13T22:55:37Z
dc.date.available2017-02-13T22:55:37Z
dc.date.issued2014-10-01
dc.description.abstractIn the fall of 2008, the Moroccan microfinance sector underwent what in economics is referred to as a Minsky moment, the sudden realization that the market has overshot and that the good times are coming to an end. In this particular case, the Minsky moment was a specific event – the private circulation of an IFC study that found extensive problems with the portfolios of the country’s four largest Microfinance Institutions (MFIs), and one in particular – Zakoura. This study picks up from Morocco’s Minsky moment. The MFIs at the time were beginning to see unequivocal signs that the market was shifting. The lead-up to this moment has been well documented: the reckless pursuit of growth, fed by an equally reckless influx of funding, both foreign and domestic, the high rate of multiple lending, poor lending standards and equally poor back-office and management information systems (MIS), and poor governance – all have been noted as causes of the crisis. While this study is meant to cover the full Moroccan microfinance sector, due to constraints of time and availability of data, its primary focus is on the three largest MFIs in Morocco. This report is organized into three key sections: 1) a review of the main drivers and factors evident during the course of the Moroccan microfinance crisis (2008-2011); 2) an examination of the key responses taken by the MFIs during the course of the crisis; and 3) a review of government actions and other market-level changes that affected the nature and trajectory of the crisis. The authors close with a look at the future prospects for microfinance in Morocco.en
dc.identifierhttp://documents.worldbank.org/curated/en/852051486371609376/Ending-the-microfinance-crisis-in-Morocco-acting-early-acting-right
dc.identifier.doi10.1596/26054
dc.identifier.urihttps://hdl.handle.net/10986/26054
dc.languageEnglish
dc.language.isoen_US
dc.publisherInternational Finance Corporation, Washington, DC
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderInternational Finance Corporation
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectfinancial crisis
dc.subjecthigh-risk loans
dc.subjectfinancial supervision
dc.subjectliquidity
dc.subjectmicrofinance
dc.titleEnding the Microfinance Crisis in Moroccoen
dc.title.alternativeSortie de la crise du secteur de la microfinance au Maroc : des interventions opportunes et efficacesen
dc.title.subtitleActing Early, Acting Righten
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleEnding the Microfinance Crisis in Morocco
okr.date.disclosure2017-02-06
okr.date.doiregistration2025-05-05T11:41:04.250139Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/852051486371609376/Ending-the-microfinance-crisis-in-Morocco-acting-early-acting-right
okr.guid461911486371810767
okr.guid742941486372018497
okr.guid852051486371609376
okr.identifier.externaldocumentum090224b0849062da_1_0
okr.identifier.internaldocumentum27163781
okr.identifier.report111935
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/852051486371609376/pdf/111935-WP-ENGLISH-IFC-Morocco-MicroFinance-Crisis-report-PUBLIC.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.countryMorocco
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Financial Crisis Management & Restructuring
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicRural Development::Rural Microfinance and SMEs
okr.unitFinance & Markets - GP - IFC (GFMDR)
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