In order to support real-time and seamless international money transfers to Moroccan bank accounts, TerraPay, a leading provider of global payments infrastructure, has partnered with Attijariwafa bank, the country’s largest banking group by market capitalization, as part of its commitment to promote financial empowerment, financial independence, and inclusivity worldwide.
Through this alliance, Attijariwafa bank will be able to use TerraPay’s established global partner networks and accept cross-border payments from numerous send partners in more than 200 nations. Through this partnership, TerraPay will be able to take use of Attijariwafa bank’s proficiency in person-to-person transfers and its substantial regional presence in order to develop its network throughout Morocco.
After Nigeria and Egypt, Morocco is the continent’s third-largest remittance recipient and a market that is constantly growing. 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).
Bassem Awada, GM MENA and VP Global – Key Partnerships, TerraPay, commented on the collaboration by stating that “Morocco is a competitive market and has a sizable diaspora for remittances. In Morocco, we are pleased to welcome Attijariwafa bank as a reliable partner for quick international transfers. This partnership, which is a first for TerraPay in Morocco, enables us to deepen our network even more and increase TerraPay’s global reach.”
“We are happy to cooperate with TerraPay”, said M. 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.”
With its headquarters in the UK, TerraPay contends that even the smallest payment merits a borderless journey that is just 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. One of the top global partners to banks, mobile wallets, money transfer companies, retailers, and financial institutions, TerraPay is registered and regulated in 27 global countries. By doing so, it expands and diversifies the global financial ecosystem. With access to a vast network of 2.1 billion mobile wallets and 7.5 billion bank accounts spread across 208 send countries and 110 receive countries, TerraPay enables its partners to become shining examples of the potential of universal financial inclusion.
About Attijariwafa bank
The largest banking and financial organization in the Maghreb, Attijariwafa Bank, is a significant player in the CEMAC and WAEMU regions.
In addition to its banking activities, the Attijariwafa bank Group is involved in a broad range of financial services through its specialized subsidiaries: asset management, private banking, consulting, long-term leasing, factoring, insurance, mortgage loans, consumer loans, leasing, and leasing.
The bank, which has its main office in Morocco, has operations in 26 nations, including Egypt, Tunisia, Mauritania, Senegal, Burkina Faso, Ivory Coast, Mali, Togo, Niger, Benin, Congo, Gabon, Cameroon, and Chad in Africa; Belgium, France, Germany, Italy, the Netherlands, Spain, and Switzerland in Europe; and Dubai, Riyadh, London, and Montreal through representative offices.
Additionally, Attijariwafa bank has 5,835 locations (as of December 31, 2021), more than 20,590 staff members, and a client base of roughly 10.8 million people.