TerraPay brings cross-border payments to Morocco with Attijariwafa Bank

TerraPay brings cross-border payments to Morocco with Attijariwafa Bank

TerraPay has partnered with Morocco’s Attijariwafa Bank to facilitate real-time and seamless global money transfers directly to bank accounts in Morocco.

Attijariwafa Bank is Morocco's largest banking group by market capitalization, and the agreement will allow it to benefit from TerraPay's global partner networks and receive inbound cross-border payments from various send partners across 200 countries.

Through this collaboration, TerraPay will be able to leverage Attijariwafa Bank's expertise in person-to-person payments and its strong presence in the region to further expand its network in Morocco.

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).

Bassem Awada, GM MENA and VP Global - Key Partnerships, TerraPay said: "Morocco is a competitive market and has a large diaspora for remittances…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: "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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