Morocco’s long-standing community savings practice, “daret” — a form of rotating savings and credit association (tontine) — is entering the digital age with the launch of a new mobile application designed to modernize the system and tackle the country’s high rate of financial exclusion.
Developed by former French banking executives Nabil Chakir and Mourad Chokeir, the platform provides a centralized solution for managing daret groups, which have historically operated through paper notebooks, WhatsApp chats, or spreadsheets. While effective for decades, traditional methods have often led to payment delays, disputes, and even fraud.
The app allows users to create savings circles, define group rules such as membership size and payment schedules, and track contributions in real time. Automated reminders aim to reduce missed payments, while accessibility for users without bank accounts ensures inclusivity for underserved communities.
Chakir explained that the application’s goal is to retain the solidarity and trust inherent in the traditional tontine model, while adding digital safeguards to improve reliability. The initial September release focuses on management features, but developers are in talks with Bank Al-Maghrib and payment providers to integrate financial transactions in future updates.
Looking ahead, the founders plan to expand the platform beyond Morocco, targeting countries with similarly low levels of banking penetration. The move aligns with broader efforts to formalize the shadow economy, which represents about 30 percent of Morocco’s GDP, and advance nationwide financial inclusion.
