Central Bank Digital Currency in Morocco : Strategic Implications of the e-Dirham for Monetary Sovereignty and Financial Inclusion

Abstract

This thesis explores the development of the e-Dirham, a Central Bank Digital Currency (CBDC) proposed by Bank Al-Maghrib, as part of Morocco’s broader digital transformation agenda. The study investigates how the e-Dirham can serve as a strategic tool to enhance monetary sovereignty, expand financial inclusion and modernize public finance in a context characterised by a large informal economy and limited banking penetration. The research aims to evaluate the institutional readiness, legal framework, stakeholder perceptions, and macroenvironmental conditions surrounding the implementation of a national digital currency. The main research questions examine the motivations behind the e-Dirham, the challenges Morocco may face in its deployment, and the roles played by key stakeholders. A qualitative methodology is employed, combining secondary sources analysis with semi-structured expert interviews. The theoretical framework integrates stakeholder theory, monetary sovereignty theory and innovation management literature with additional analysis through SWOT frameworks. Key findings reveal that while Bank Al-Maghrib has shown clear strategic intent, there are notable gaps in legal definitions, digital infrastructures and inter-institutional coordination. Commercial Banks express caution due to fears of disintermediation, while fintech firms and public agencies see opportunities for efficiency and innovation. Public awareness remains low, and concerns about trust and privacy are significant.