Financial Inclusion of Moroccan Smes: Assessing Fintech's Adoption and Exploring Decentralized Finance Perceptions in Morocco

Abstract

This study investigates the factors influencing the adoption of financial technology (FinTech) and decentralized finance (DeFi) among small and medium-sized enterprises (SMEs) in Morocco. The research aims to shed light on the current landscape of digital financial services and explore the potential for DeFi implementation in the Moroccan context. Using a quantitative research method, data was gathered through self-administered questionnaires distributed to SMEs in Morocco. The Diffusion of Innovation Theory serves as the theoretical framework to understand the factors driving FinTech and DeFi adoption. The results reveal a strong and positive correlation between “Relative Advantage” and “Adoption” (0.323), indicating that SMEs perceive FinTech and DeFi as beneficial and advantageous for their businesses. Additionally, a positive correlation is found between “Trial Ability” and “Adoption” (0.277), suggesting that SMEs’ ability to experiment with these technologies influences their adoption behavior. Furthermore, a weaker positive correlation is observed between “Compatibility” and “Adoption” (0.152), implying that the alignment of FinTech and DeFi with existing practices and systems plays a role in their adoption. Regarding DeFi implementation, the study finds that 64% of Moroccan SMEs maintain a neutral stance, while 5% express serious concerns about its future in the Moroccan financial landscape. This finding highlights the need for further education and awareness-raising efforts to foster a more positive perception of DeFi among SMEs. This research contributes to the existing body of knowledge by providing empirical evidence of the factors influencing FinTech and DeFi adoption among SMEs in Morocco. The findings offer valuable insights for policymakers, financial institutions, and technology providers in designing strategies to promote the adoption of these technologies and enhance financial inclusion in Morocco.