A delphi study investigating the development of the Moroccan fintech ecosystem : key challenges and opportunities

As Morocco aspires to position itself as a regional hub for financial innovation in Africa, its Fintech sector presents a paradox: despite a robust digital infrastructure and growing institutional support, adoption remains limited. Systemic barriers-such as a persistent cash-based culture, low mobile money usage, and fragmented collaboration-continue to impede the sector's growth. Against this backdrop, this study applies the Delphi research method to systematically identify and prioritize the most pressing challenges and strategic actions facing Morocco's Fintech ecosystem. Drawing on the insights of 45 experts from finance, technology, academia, startups, and service-oriented organizations, the study follows a three-phase process: open-ended brainstorming, narrowing down, and final ranking. The process produced consensus around 12 key challenges and 12 strategic actions, including the need for an open banking framework, a unified national Fintech vision, regulatory sandboxes, and improved collaboration between incumbents and startups. These findings offer actionable insights to Moroccan policymakers and industry leaders and contribute to Fintech research in emerging economies.