Thunes, a worldwide cross-border payments company, has entered into a strategic partnership with Attijariwafa Bank, one of the most important banks in Morocco and Africa.
“We are pleased to announce our partnership with Thunes, the global leader in cross-border payments.” With this in mind, Nawal El Alami, Head of the Cash and Payments Department at Attijariwafa Bank, welcomed the partnership between his foundation and Singapore's Thunes.
Indeed, in a press release dated July 12, the agreement between these two institutions was announced.
Thus, the 30 million or so subscribers of Attijariwafa Bank in Morocco will now be able to receive payments directly to their accounts.
As for Thunes' international customers, they will have the ability to send payments to bank accounts in Morocco. “We are now pleased to partner with Attijariwafa bank to enable seamless bank-to-bank payments on all bank accounts in Morocco.
“This will be a huge improvement for customers who need to make regular cross-border payments and an important step in expanding our network in North Africa,” said Asmaa Bengamra, vice president of development at Thunes in the Middle East and North Africa.
Morocco is the third largest recipient of remittances in Africa (after Nigeria and Egypt), with a large expatriate population, a dynamic market, and a strong regulatory framework to promote digital payment services and reduce costs.
The World Bank estimates that personal remittances rose sharply during the pandemic, reaching about $7.4 billion at the end of 2020.