- Thunes, which is a well-known provider in the international money transfer sector, has confirmed that it will partner with Attijariwafa Bank to improve the payments landscape in Morocco.
- The partnership will be bolstered by some work with Ripple, which is a leading blockchain provider and is known for helping to bring down transaction times.
- “Morocco is a major force in the North African economy, with a GDP of over $100 billion, and it is a key financial hub in the region,” said a senior figure at Thunes’ Middle East and North Africa branch.
Thunes, a leading name in the cross-border payments sector, has announced a new partnership with Attijariwafa Bank, a major bank in Morocco.
The new arrangement will see almost 30 million people with bank accounts in the country be able to receive inward international money transfers.
It is supported by Ripple, which is a well-known blockchain-powered money transfer service.
The service is known for helping to increase the speed with which people and organisations can send money online.
Ultimately, it may be able to help people do this in a matter of seconds.
Asma Ben Gamra, who serves as the vice president of network development for the Middle East and North Africa region at Thunes, spoke about the importance that Morocco has in the region’s economy.
“Morocco is a major force in the North African economy, with a GDP of over $100 billion, and it is a key financial hub in the region,” he said.
“Cross-border payments have been a challenge as in the past, customers would have to use inefficient and expensive methods to send payments to Morocco.”
He also pointed out that the new arrangement would be a boost for individuals who wanted to send money abroad on a regular basis.
"[The pairing] will be a major improvement for customers that need to make regular cross-border payments,” he explained.
Remittances in Morocco are very popular, and the country is the third biggest receiver of such payments in the whole of Africa, behind Egypt and Nigeria.
Thunes has been a big name in the sector even before this partnership.
At present, it has 79 currencies on its books, and it can accept around 300 payment methods from clients.
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