Great news for Morocco as TerraPay, a leading global payments infrastructure company, announced its partnership with Attijariwafa bank, Morocco’s largest banking group by market capitalization, to facilitate real-time and seamless global money transfers directly to the bank accounts in Morocco. TerraPay brought forth this partnership to pursue the commitment to foster financial empowerment, financial independence and inclusivity across the world.
According to a source, TerraPay that is headquartered in the United Kingdom, believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large.
Registered and regulated across 27 global markets, TerraPay has access to an extensive network of 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets, across 110 receive countries and 208 send countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.
Attijariwafa bank is known as the leading banking and financial group in the Maghreb and a key player in the CEMAC and WAEMU zones. Headquartered in Morocco, the bank operates in 26 countries: in Africa (Egypt, Tunisia, Mauritania, Senegal, Burkina-Faso, Ivory Coast, Mali, Togo, Niger, Benin, Congo, Gabon, Cameroon, Chad) and in Europe (Belgium, France, Germany, Italy, Netherlands, Spain and Switzerland) through majority-controlled fully-licensed local banks and their subsidiaries and in Dubai, Riyadh, London and Montreal through representative offices.
The partnership gives both, TerraPay and Attijariwafa bank a global exploring opportunity as the bank would tap into TerraPay’s well-entrenched global partner networks and receive partners across 200 countries, while on the other hand, TerraPay will be able to leverage Attijariwafa bank’s expertise in person-to-person payments and it’s a great opportunity in that region to further expand its network in Morocco.
Sources claim that Morocco is the third largest remittance receiver in Africa (after Nigeria and Egypt) and a constantly expanding market. Money transfers from Moroccan diaspora members reached MAD 93.3 billion ($9.95 billion) at the end of December 2021 compared to MAD 68.18 billion ($7.27 billion) in 2020 experiencing an increase of 36.8% or MAD 25.07 billion ($2.67 billion).
Speaking about the partnership, Bassem Awada, GM MENA and VP Global – Key Partnerships, TerraPay said, “Morocco is a competitive market and has a large diaspora for remittances. We are delighted to welcome Attijariwafa bank as our trusted partner for instant global payments in Morocco. This partnership is a first for TerraPay in Morocco allowing us to further deepen our network & expand TerraPay’s global footprint.”
M. Adnane Driouech, Head of Corporate and International Cash Management at Attijariwafa bank added, “We are pleased to partner with TerraPay. Their extensive global payments network, partners, and infrastructure will play a critical role in facilitating instant international money transfers to our customers. Our integration with TerraPay has allowed
our customers to receive cross-border payments directly from more than 200 countries in a transparent, secure, and instantaneous way.”
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