Attijariwafa Bank, TerraPay Partner to Provide Cross-Border Payments in Morocco

Rabat – TerraPay, a prominent global payment infrastructure company, announced a new partnership with Attijariwafa Bank, the largest banking group in Morocco by market capitalization. The collaboration aims to facilitate real-time global money transfers directly to bank accounts in Morocco.

With this partnership, Attijariwafa Bank will gain access to TerraPay’s global partner networks, enabling the bank to receive inbound cross-border payments from various sending partners across 200 countries, according to a TerraPay press release.

Leveraging Attijariwafa Bank’s expertise in person-to-person payments and its strong presence in the region, TerraPay will further expand its network and strengthen its footprint in Morocco.

Morocco, being the third largest remittance receiver in Africa (following Nigeria and Egypt), represents a continuously expanding market. By the end of December 2021, money transfers from Moroccan diaspora members had reached MAD 93.3 billion (roughly $10 billion), reflecting a substantial 36.8% increase of over MAD 25 billion ($2.7 billion) compared to 2020.

Bassem Awada, General Manager MENA and Vice President Global – Key Partnerships at TerraPay, expressed enthusiasm about the partnership, stating: “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,” he explained adding that the partnership “marks a significant milestone for TerraPay in Morocco,” allowing the British company to expand its network and strengthen their global footprint.

For his part, Adnane Driouech, head of Corporate and International Cash Management at Attijariwafa Bank, shared his satisfaction with the collaboration, saying: “We re 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.”

Noting the potential of the collaboration, Driouech detailed that it would allow Attijariwafa Bank’s customers to receive cross-border payments “directly from more than 200 countries in a transparent, secure, and instantaneous way.”