Wafacash Extends Its Services to African Diaspora in Europe

Rabat – Morocco’s money transfer company Wafacash is launching a large-scale digital communication campaign targeting the African diaspora ahead of expanding its activities to Europe 

With the support of French digital marketing start-up Kawarizmi, Wafacash targets Moroccan, Malian, Senegalese, Ivorian, and Cameroonian living in Spain,Italy, Belgium, France, and the Netherlands. 

Wafacash’s PR and Communication Manager Kenza Hihi Guillouli welcomed the partnership with Kawarizmi, describing the team as “smart, professional, connected, and above all flexible.”

“It’s a great adventure that begins beyond the Moroccan borders with the services to the African diaspora in Europe,” she added.

Designed by Kawarizmi, the digital campaign will use socio-geographical data collected on the targeted audience to attract clients, stated the startup’s co-founder Salif Diop. 

Additionally, the French start-up is “observing hundreds of daily downloads of the [new Wafacash] application through several tens of millions of contact points generated at the start of the campaign” in October. The campaign is expected to operate until the end of 2022. 

Read Also: Morocco Second Largest Recipient of Remittances in MENA

Wafacash’s expansion into the European market provides enormous opportunities to the firm, especially since it is targeting the African Diaspora. 

Notably, remittances are an important source of money for developing countries, thus the services of cash transfer are vital to the continuity of this activity that succeeded to sustain under the ongoing COVID-19 pandemic. 

In 2021, the World Bank reported a 6.2% increase in remittances inflow to Subsaharan countries, reaching MAD 440 billion ($45 billion).

Remittances from Moroccan expatriates meanwhile reached MAD 100 billion ($10.22 billion) in 2021, marking a MAD 30 billion ($3 billion) increase compared to 2020. 

Morocco ranked second as the largest recipient of remittances in the MENA region in 2021, with the inflow of remittances representing 7.4% of the country’s GDP.

Morocco’s Deputy Minister for Investment Mouhcine Jazouli noted that 10% of the transfers are invested in real estate and other productive sectors, highlighting the government’s efforts to encourage Moroccan expatriates to invest in their country