As part of its role as regulator and supervisor of the financial market, the Central Bank of Morocco (BKAM) has decided to implement a Central Credit Registry (CRC).

Through this registry, the Bank will begin to automatically and periodically receive relevant and detailed information about the credit granted by all institutions operating in the market, including data on the credit operations themselves, the borrowers who have taken out the loans, and the guarantees supporting these credit operations.

Given Celfocus’ nearly 20 years of experience in designing and building Credit Registries, BKAM selected Celfocus from among a group of international providers to partner with in designing and delivering a CRC.

The project consists of designing and building a Central Credit Registry (CRC), based on the Celfocus CRF – and adapted it to the Moroccan context and the needs of the Central Bank of Morocco.

The CRC will comprise three distinct but integrated modules:

• The CRC itself, through which the Bank will receive information from credit institutions and share insights with them;
• A Reference Information module (to register information on entities – physical and moral and data domains); and
• A module to manage the Data Dictionary that supports the previous two modules.

Additionally, the CRC will provide two channels through which the Central Bank can receive and share information with supervised entities – APIs and a Web Application.

The project follows a waterfall methodology, with a 15-month timeline until Go-Live, followed by six years of maintenance.

Celfocus CRF is a centralized, flexible, and scalable registry framework. At the same time, it is easy and quick to modify, with a set of pre-built features that can be adapted to the needs of the Central Bank, helping to reduce time-to-market.

The platform includes capabilities ranging from data collection—through multiple channels—to data analysis and the generation of analytical reports. This enables the Central Bank to monitor the financial market, effectively manage inherent business risks, and ensure that reporting entities comply with their reporting and data quality obligations.

This approach enables the Central Bank of Morocco to:

• Reduce the complexity involved in delivering a project of this nature and a Central Credit Registry;
• Gain a set of pre-designed and pre-built functionalities, based on experience with other Central Banks, that facilitate day-to-day operations;
• Ensure the quality of information sent by financial institutions through automation, enabling more accurate monitoring and providing the market with more reliable information;
• Automate the processes of receiving, validating, consolidating, and integrating information with other systems, allowing the Bank to improve the efficiency of its operations and become more agile and effective in its responsibilities;
• Reduce the time-to-market of a solution of this scale to just over one calendar year.

With this new project, in addition to expand our SupTech footprint—now including another Central Bank as a client—we are also entering a new market with a reference client of credibility in the financial sector.

Deliver the CRC component.