The intention of Moroccan SMEs to adopt crowdfunding in response to failures of the traditional banking system: an analysis of the determinants

Abstract

This paper analyzes the determinants of crowdfunding adoption by Moroccan SMEs, an emerging financing alternative in response to the limitations of the banking system. Crowdfunding enables the raising of funds through digital platforms, offering new opportunities in the context of digital transformation. The study is based on a Probit model using data from 257 SMEs across various sectors and regions. The intention to adopt crowdfunding is influenced by several explanatory variables: knowledge of crowdfunding, a favorable perception of the method, access to bank credit, risk perception, the strength of the social network, and the level of digitalization. The results show that knowledge of crowdfunding, a favorable perception, a strong social network, and a high level of digitalization positively influence the intention to adopt. On the other hand, restricted access to bank credit has no significant effect, suggesting that crowdfunding is perceived more as a complementary solution than a substitute. A low perception of risks also encourages adoption, highlighting the importance of transparency and guarantees. The study recommends awareness campaigns, support for digitalization, and a clear regulatory framework to strengthen trust and promote crowdfunding. Its development could become a key driver for the growth and competitiveness of Moroccan SMEs by providing financing alternatives tailored to their needs.