is based on two core pillars : the first is a “ credit bureau ” system that helps credit institutions to assess risks ; and the second is a “ central credit registry ” managed by central banks for their institutional functions. ladies and gentlemen, let me give you a brief overview of the steps that bank al - maghrib has undertaken over the last ten years to develop its financial information system and enhance its convergence towards international standards. in close cooperation with the ifc, the bank put into operation in 2009, under the first pillar, the 1st credit bureau. this was a decisive step towards the establishment of a modern and state - ofthe - art credit reporting infrastructure. indeed, the credit bureau has become an essential tool for lending decisions for individuals, businesses and micro - credit associations. opening up the market to competition and authorizing a second credit bureau in 2016 was a further step towards improving the quality of services provided to credit institutions and consumers. the range of products offered has expanded to include new decision - aiding tools, such as “ behavior scoring ”, “ portfolio monitoring ” and “ alerting ”. in close coordination with the ministry of economy and finance, bank al - maghrib is currently working to rapidly develop the legal and regulatory framework of “ credit bureaus ” in order to expand its scope to other nonfinancial data providers, including telecom operators and water / electricity suppliers. this will help the unbanked population to have access to financing, as demonstrated by the experience of pioneering countries in this area. as regards the implementation of the second pillar, the bank has undertaken since 2016, in collaboration with the ifc, an appraisal of the existing system and has identified the characteristics of the future credit registry. in this connection, today ’ s seminar is a real opportunity for us to learn about the experiences of forerunners in this field, with a view to finalizing our own roadmap. ladies and gentlemen, six regulators, well known for their optimal use of credit registries, will present to us today how they use credit reporting data to achieve their core missions, particularly micro and macro prudential regulation, systemic risk control and monetary policy, and strengthen off - site supervision. these topics are of particular importance in the current context in which our economies are undergoing significant changes in the credit market as well as in the behavior of consumers and borrowers. therefore, it is essential to upgrade financial infrastructures, which constitute a central element in the credit risk management system, in

young people under 25 to 33 percent for those aged 25 and over. based on these data, it became clear that priority should be given to targeting the most disadvantaged groups in order to reduce the gaps. besides, as fintech was experiencing significant growth and was becoming a promising lever, the first measure to undertake was to introduce mobile payment, considering the high mobile phone penetration rate, which reaches 130 percent and allows coverage of almost the whole population. to this end, we have developed, together with the national telecommunications regulatory agency, a national low - cost, secure, interoperable and real - time mobile payment solution. this offer is to be provided not only by banks and telecom operators, but also by payment institutions which formed an alternative network, and which we had begun to license based on strict specifications. however, the adherence of retail merchants, necessary for a large - scale deployment of this solution, is still low, as that many of them still operate in the informal sector. subsequently, we were prompted to collaborate with the ministry of finance in order to introduce tax incentives in the 2020 finance act. today, we are rather optimistic. these incentives, combined with communication and awareness - raising efforts, will hopefully give a new impetus to this solution and contribute to a greater integration into the formal economy and to a reduced use of cash. mobile payment has undoubtedly been one of the main levers of financial inclusion in morocco, but certainly not the only one. we have also strived towards turning microfinance and micro insurance into channels of inclusion. to this end, the applicable amending legal texts have been finalized and are in the process of being approved. at the same time, we continued strengthening and expanding financial education work, bringing together all national stakeholders around the foundation and drawing on international best practices. more particularly, we worked with the ilo and afi to develop educational packages, and organized several instructor - training sessions for various professional categories. in this same vein of association and cooperation, we are trying to bring together all stakeholders to reflect on the methods for implementing the bali fintech agenda. in this regard, bank al - maghrib co - organized, last march, a regional conference with the imf and plans to hold a second one in 2021. similarly, our institution held, last november, the africa blockchain summit, meant to share experiences between african countries, stimulate innovation and encourage startups. we hope to take advantage of the latter ’ s innovations for our own benefit and for the benefit