Real-time and easy international money transfers to Moroccan bank accounts are now possible thanks to a partnership between TerraPay, a provider of global payments infrastructure, and Attijariwafa Bank, based in Morocco.
Attijariwafa Bank will be able to receive inbound cross-border payments from several business partners across 200 countries thanks to TerraPay, which aims to promote financial empowerment, financial independence, and inclusivity worldwide.
Through the partnership, TerraPay will also be able to leverage Attijariwafa Bank’s experience with direct payments as well as its dominance in the area to grow its own network in Morocco.
After Nigeria and Egypt, Morocco currently receives the third-highest amount of remittances in Africa. When compared to MAD 68.18 billion ($7.27 billion) in 2020, money transfers from Moroccan diaspora members reached MAD 93.3 billion ($9.95 billion) at the end of December 2021, an increase of 36.8% or MAD 25.07 billion ($2.67 billion).
The decision was considered by TerraPay’s vice president of worldwide, strategic partnerships and general manager for the Middle East and North Africa, Bassem Awada.
“Morocco is a competitive market with a sizable diaspora for remittances,” Awada added.
In Morocco, we are pleased to welcome Attijariwafa Bank as a dependable partner for quick international payments. This partnership, which is a first for TerraPay in Morocco, enables us to deepen our network even more and increase TerraPay’s global reach.
Assisting with immediate international money transfers
TerraPay, a company with its headquarters in the UK, stated its conviction that even the smallest payments merit a borderless trip that is as secure as the largest. With a continuous, safe, and real-time worldwide passage for every payment, no matter how small or large, the company has been constructing an ever-expanding payments highway that helps businesses to deliver transparent consumer experiences.
27 international marketplaces are registered with and oversee TerraPay. With access to a vast network of more than 2.1 billion mobile wallets and more than 7.5 billion bank accounts in 110 receiving and 208 sending countries, TerraPay enables its partners to become shining examples of the potential of universal financial inclusion.
We are happy to cooperate with TerraPay, added Adnane Driouech, head of corporate and international cash management at Attijariwafa Bank. Our customers’ access to their vast global payments network, partners, and infrastructure will be made possible thanks in large part to them.
Our customers can now receive cross-border payments instantly, transparently, and securely from more than 200 different countries thanks to our connection with TerraPay.
Through its specialized subsidiaries, the Attijariwafa Bank Group is engaged in a broad range of financial services, including insurance, mortgage loans, consumer loans, asset management, and consulting, in addition to its banking operations.
The bank, which has its main office in Morocco, also has operations in a total of 26 nations in both Africa and Europe.