Rabat – Banque Populaire, one of Morocco’s largest banks in market capitalization, introduced the first cross-border money transfer service in the country.
Called Swift Go, the service marks a significant milestone in the country’s banking industry and further enhances Banque Populaire’s value proposition in international transfers.
The service ensures swift and secure transactions with a limit of $10,000, catering to the diverse needs of both corporate and individual customers, according to a statement from the bank reported in converging news reports.
This service follows the launch of BP PayTracker, a platform that allows customers to track their international transfers in real time.
Banque Populaire’s strategic move to launch SWIFT GO aligns with the evolving demands of Moroccan customers who increasingly seek streamlined cross-border transfer services.
Rising demand for real-time money transfer
Around 84% of consumers who receive remittances in Morocco said they are looking for providers to integrate their services into a single mobile “super app,” where they can also handle all other personal finance needs, according to Western Union’s latest Global Money Transfer Index.
Morocco is the second-largest remittance receiver market in Africa, with inflows of $11.4 billion in 2022. As of 2023, an estimated 4.2 million Moroccans live abroad. Western Union data indicate that almost half of the receivers in the country collect funds at least once a month.
In addition to the growing demand for fully-digitized financial services, 81% of receivers are keen to collect funds using a prepaid card or e-wallet. Moroccan senders also reported wanting money transfer companies to better respond to their needs.
Read Also: Survey: 84% of Moroccan Remittances Receivers Look for Single Apps
