Modernizing Traditional Commerce in Fes-Meknes Through Financial Inclusion

Building on a centuries-old heritage, the Fes-Meknes region’s economy is acquiring new tools. The Chamber of Commerce, Industry, Services and Trades (CCIS) is launching a large-scale financial inclusion initiative to support the transformation of businesses, particularly in the old medinas. The goal is to transform the region’s 100,000 retail outlets into structured businesses capable of sustaining employment and local growth.

In the heart of the centuries-old medinas of Fez, Meknes, and Taza, traditional commerce is undergoing a transformation to ensure the sustainability of its economic model. The Chamber of Commerce, Industry, and Services (CCIS) of the region has just launched a regional caravan aimed at reconciling ancestral commercial practices with the imperatives of modern finance.

Faced with the challenges of the informal sector, which affects a large part of the Fes-Meknes region’s commercial fabric, this regional initiative aims to equip traders and artisans with appropriate banking tools. The ambition is to transform the sector, which employs more than 200,000 people, into a structured and resilient driver of growth.

A sector contributing 10.8% to the Fes-Meknes region’s GDP

The trade sector in Fes-Meknes plays a leading role in the national economy, ranking second in job creation with approximately 1.6 million positions. Hachem Alaoui, Delegate for Trade and Industry, noted that the sector contributes 10.8% to the Gross Domestic Product, generating an estimated added value of 129 billion dirhams (MMDH).

However, trade constitutes 60% of the informal economy, which necessitates appropriate regulatory measures. In the Fes-Meknes region, commercial activity has a long-standing and strategic presence, particularly through the traditional markets of the medinas of Fes, Meknes, Taza, and Sefrou. The region has over 100,000 commercial premises and employs more than 200,000 people.

Retailers represent 80% of the commercial sector in Fes-Meknes and play a vital socio-economic role as a source of supplies for households. Faced with rapid economic changes, financial inclusion is emerging as an essential lever for structuring this sector. It allows professionals to integrate into the formal financial system and improve their financial literacy through better management of cash flow, income, and expenses.

Four training areas for sustainable modernization in Fes-Meknes

The Chamber of Commerce’s action is based on a positive assessment of previous actions which had enabled the training of more than 340 traders in 2023 on topics such as cash management and mobile payment.

The newly announced training program in Fes-Meknes is structured around four main areas designed to meet the current needs of entrepreneurs. The first component, focusing on financial management, aims to strengthen accounting skills, facilitate access to bank loans, and optimize cash flow management. The second area (communication and marketing) seeks to help businesses effectively utilize communication channels and increase their revenue.

The third module, focused on securing transactions, concentrates on mastering payment methods (managing checks, drafts, and bank cards). Finally, the fourth pillar, an introduction to e-commerce, covers website creation, online product presentation, and managing the sales and delivery process. The awareness caravan will travel successively to Fez, Meknes, and Taza to offer these skills development opportunities to all members of the Chamber.

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(Featured image by Hamza Demnati via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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