MOROCCO: TerraPay & Attijariwafa bank partner to enhance 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.

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."