TerraPay partners with Attijariwafa bank

PRNewswireJune 28, 20234 min

In pursuit of the commitment to foster financial empowerment, financial independence and inclusivity across the world, 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.

This partnership will empower Attijariwafa bank to tap into TerraPay’s well-entrenched 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).

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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