Digital Payments News

TerraPay Expands in Morocco, Teams Up with Attijariwafa Bank for Cross-Border Payments

TerraPay Expands in Morocco, Teams Up with Attijariwafa Bank for Cross-Border Payments

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.

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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.”

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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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