Purpose

This study has a dual purpose. The first is constructing a financial inclusion index to investigate if the reforms implemented during the last decades at the macroeconomic and sectoral levels have contributed to increase the financial inclusion level in Morocco. The second is to deepen the investigation to explore the impact of these reforms at the microeconomic level, by focusing on six major issues: determinants of financial inclusion, links between individual characteristics and barriers to financial inclusion, determinants of mobile banking use, motivations for saving, credit objectives and determinants of resorting to informal finance.

Design/methodology/approach

First, the principal component analysis methodology is mobilized to construct a financial inclusion index for Morocco. Second, the probit model methodology on a micro-level database of 5,110 Moroccan adults is used.

Findings

First, the financial inclusion index shows that financial inclusion in Morocco over the last two decades has followed different trends. The first period (1999–2004) was characterized by a slight upswing in the level of financial inclusion. In the second period (2004–2012), the level of financial inclusion increased significantly. During the third period (2012–2019), the financial inclusion maintained almost the same level. Second, empirical results showed that the determinants of formal finance and mobile banking are different from those of informal finance. Having a high educational attainment and being a participant in the labor market fosters financial inclusion. Concerning financial exclusion determinants, the results emphasized that a high educational attainment reduces the barriers leading to voluntary exclusion. As income level increases, barriers of involuntary exclusion such as “lack of money” become surmountable. Although "remoteness" and "high cost" are the major barriers to financial inclusion of all Moroccan social classes, the development of mobile banking allows to eliminate, smoothen and/or loosen all barriers sources of involuntary exclusion. As for the barriers causing voluntary exclusion, the Islamic finance model constitutes a lever for the inclusion of population segments excluded for religious reasons. As for the determinants of the recourse to informal finance, being a woman, an older person and having a low educational level (no more than secondary education) increase the probability to turn to informal finance.

Research limitations/implications

The main limitation of this study is the non-availability of data on the two dimensions (quality and welfare) of financial inclusion. The composite index is constructed on the basis of two dimensions (access and use) for which data are available.

Practical implications

This study has three main implications. In practice, with the launching of the National Strategy for Financial Inclusion, this work provides empirical grounded evidence that contributes to design financial inclusion policies in Morocco. In research, while the debate on financial inclusion, mobile banking and informal finance has been raging in recent years, Morocco, like many other African countries, has not received coverage on these topics at the household level.

Social implications

For society, this study provides considerable insight about the segments of population that are financially excluded and the main reasons for their exclusion.

Originality/value

This study enriches the existing literature with four essential contributions. First, it analyzes the evolution of the level of financial inclusion in the Moroccan economy through the development of a synthetic index. Second, it is the first to study the Moroccan population's financial behavior on the basis of micro-level data, which will help understand more precisely their financial behavior and the main obstacles to their inclusion. Third, this study explores the determinants of the use of mobile banking. Fourth, it sheds some light on the main determinants of the recourse to informal finance.

中文翻译：

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普惠金融、移动银行、非正规金融和金融排斥：来自摩洛哥的微观证据

目的

这项研究有双重目的。第一个是构建金融包容性指数，以调查过去几十年在宏观经济和部门层面实施的改革是否有助于提高摩洛哥的金融包容性水平。二是深化调查，探讨改革在微观经济层面的影响，重点关注六大问题：普惠金融的决定因素、个体特征与普惠金融障碍之间的联系、手机银行使用的决定因素、储蓄动机。 、信贷目标和求助于非正规融资的决定因素。

设计/方法/方法

一是运用主成分分析法构建摩洛哥普惠金融指数。其次，使用基于 5,110 名摩洛哥成年人的微观数据库的概率模型方法。

发现

首先，普惠金融指数显示，摩洛哥的普惠金融在过去二十年呈现出不同的趋势。第一个时期（1999-2004 年）的特点是金融包容性水平略有上升。在第二个时期（2004-2012 年），普惠金融水平显着提高。在第三个时期（2012-2019 年），普惠金融几乎保持在同一水平。其次，实证结果表明，正规金融和手机银行的决定因素不同于非正规金融。受过高等教育并成为劳动力市场的参与者可以促进金融包容性。关于金融排斥的决定因素，结果强调，高教育程度减少了导致自愿排斥的障碍。随着收入水平的提高，诸如“缺钱”之类的非自愿排斥障碍变得可以克服。尽管“偏远”和“高成本”是摩洛哥所有社会阶层金融包容性的主要障碍，但移动银行的发展可以消除、消除和/或放松非自愿排斥的所有障碍来源。至于导致自愿排斥的障碍，伊斯兰金融模式构成了纳入因宗教原因被排除在外的人群的杠杆。至于求助于非正规金融的决定因素，女性、老年人和教育程度低（不超过中等教育）增加了求助于非正规金融的可能性。是摩洛哥所有社会阶层金融包容性的主要障碍，移动银行的发展可以消除、平滑和/或放松非自愿排斥的所有障碍来源。至于导致自愿排斥的障碍，伊斯兰金融模式构成了纳入因宗教原因被排除在外的人群的杠杆。至于求助于非正规金融的决定因素，女性、老年人和教育程度低（不超过中等教育）增加了求助于非正规金融的可能性。是摩洛哥所有社会阶层金融包容性的主要障碍，移动银行的发展可以消除、平滑和/或放松非自愿排斥的所有障碍来源。至于导致自愿排斥的障碍，伊斯兰金融模式构成了纳入因宗教原因被排除在外的人群的杠杆。至于求助于非正规金融的决定因素，女性、老年人和教育程度低（不超过中等教育）增加了求助于非正规金融的可能性。伊斯兰金融模式构成了一种杠杆，可以将因宗教原因而被排除在外的人群纳入其中。至于求助于非正规金融的决定因素，女性、老年人和教育程度低（不超过中等教育）增加了求助于非正规金融的可能性。伊斯兰金融模式构成了一种杠杆，可以将因宗教原因而被排除在外的人群纳入其中。至于求助于非正规金融的决定因素，女性、老年人和教育程度低（不超过中等教育）增加了求助于非正规金融的可能性。

研究限制/影响

本研究的主要局限性在于没有关于普惠金融的两个维度（质量和福利）的数据。复合索引是在数据可用的两个维度（访问和使用）的基础上构建的。

实际影响

这项研究有三个主要意义。在实践中，随着国家金融包容性战略的启动，这项工作提供了基于经验的证据，有助于设计摩洛哥的金融包容性政策。在研究中，尽管近年来关于金融包容性、移动银行和非正规金融的辩论一直在激烈进行，但摩洛哥与许多其他非洲国家一样，在家庭层面上并未对这些主题进行报道。

社会影响

对于社会而言，这项研究提供了关于在经济上被排斥的人群以及他们被排斥的主要原因的相当多的见解。

原创性/价值

本研究通过四项重要贡献丰富了现有文献。首先，它通过综合指数的发展分析了摩洛哥经济中金融包容性水平的演变。其次，首次基于微观层面的数据研究摩洛哥人口的金融行为，有助于更准确地了解其金融行为及其包容性的主要障碍。第三，本研究探讨了手机银行使用的决定因素。第四，它阐明了求助于非正规金融的主要决定因素。