Tantan – Morocco’s banking group Attijariwafa bank has partnered with Thunes, a Singapore-based payment company, to expand bank payout services across the North African country.
The cooperation will allow “any of the nearly 30 million bank account owners in Morocco to receive inbound payments directly to their accounts,” said Thunes in a press release. Thunes’ customers from around the world will be able to send “seamless, cost-effective, and real-time payments to bank accounts in Morocco,” it added.
The payment company is connected to Attijariwafa bank through the technologies of Ripple, a money transfer network that relies upon blockchain technology to facilitate global financial transactions.
Customers of Attijariwafa bank will be able to receive transfers from across the world through the Thunes network in a matter of seconds, thanks to the connection between Thunes and RippleNet, the international network of banks which rely upon Ripple’s technology, Thunes indicated.
Asma Ben Gamra, Thunes’ Vice President of Network Development in the MENA region, described the positive impact of Thunes’ partnership with Attijariwafa bank saying: “Morocco is a major force in the North African economy, with a GDP of over $100 billion USD, and it is a key financial hub in the region.”
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Sending payments to Morocco has been a “challenge” in the past, said Gamra, explaining that customers had to use “inefficient” and “expensive” methods to settle cross-border payments.
Thunes’ partnership with Attijariwafa bank “will be a significant improvement for customers who require regular cross-border payments, as well as a significant milestone in our Network expansion in North Africa,” Gamra added.
Nawal Alami, Head of Cash Management and Payments at Attijariwafa bank, highlighted that Attijariwafa bank and its international partners will now be able to exchange transfers in a “transparent, secure and instantaneous way,” thanks to Thunes’ membership in RippleNet network.
