AMBIGUITY BETWEEN FINANCIAL PERFORMANCE AND INCLUSION IN + MICROFINANCE IN MOROCCO Analytical framework, indicators, and operational recommendations[AMBIGUÏTÉ ENTRE PERFORMANCE FINANCIÈRE ET INCLUSION EN MICROFINANCE AU MAROC Cadre analytique, indicateurs et recommandations opérationnelles]

Microfinance in Morocco is situated at the intersection of the economic viability of operators and the objective of financial inclusion for vulnerable populations. This article proposes an analytical framework to understand the dynamics between financial performance, access to credit, and empowerment of beneficiaries, with an emphasis on innovative financial instruments that mobilize public and private resources. After a review of the Moroccan context (profile of beneficiaries, particularly women and those in rural or fragile areas, terms of access to credit, and social impact indicators), we present a review of financial instruments: microloans, alternative guarantees and guarantee funds, microinsurance, blended finance fintech platforms, and associated savings. The article also discusses major challenges: risks of over-indebtedness, digital exclusion, regulatory framework, and financial sustainability. Based on available data, we propose practical recommendations: strengthened partnerships, adapted products, responsible digitalization, and rigorous impact monitoring (income, employment, gender equality). Methodological approaches and indicators (empowerment measures) complement the framework to guide future research and operational approaches.