Rabat – Paysend, a UK-based Fintech service provider announced it is partnering with Moroccan payment service provider and Bank of Africa subsidiary Damane Cash to launch a fintech payment service in Morocco.
The joint service would allow Moroccan bank account holders to carry out low-fee, instant international transactions, according to a statement from Paysend.
Commenting on the inking of the partnership agreement, Paysend’s Head of Network Development and Strategic Partnerships Alex Bessonov, said that the newly forged partnership between Damane Cash and Paysend would “encourage users all over the globe to connect across borders and send money to support loved ones in Morocco.”
Bessonov further explained that the new service would also offer Moroccan users “affordable rates and quicker processing speeds when sending important remittances.”
“Through Paysend’s easy-to-use app, automated phone number, and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately,” he added.
The service primarily targets Moroccans abroad who make regular money transfers to bank accounts in Morocco.
Remittances make up a large chuck of all money transactions made from outside Morocco. Data from Morocco’s central bank, Bank Al-Maghrib (BAM) suggests that remittances from Moroccans abroad are set to reach MAD 87.3 billion ($8.71 billion) at the end of 2022.
Over the COVID-19 hiatus, remittances sent to Morocco reached historic levels, rising to MAD 93.7 billion ($9.3 billion) in 2021.
The bank’s projection shows a slight decrease compared to the remittances Morocco received from this historic peak in 2021.
While the volume of remittances is set to decline as the effect of the pandemic gradually eases, remittances would still remain a major source of foreign currency and international transfers in Morocco.
Remittances from Moroccans abroad are set to average MAD 84 billion ($8.35 billion) in 2023, according to the country’s central bank.
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