Rabat – Around 84% of consumers who receive remittances in Morocco want 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.
As part of the survey, consumers were asked when and why they use international money transfer capabilities today, as well as their expectations for the future.
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.
When asked about the major issues they currently face with financial service providers, 72% of Moroccan consumers respondents complained of having to repeat form-filling and validation procedures despite being regular customers. 86% said they would like instant and reliable registration using biometrics or facial recognition.
Morocco is the second-largest remittance receiver market in Africa, with inflows of $11.4 billion in 2022. Currently, 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.
“It is incumbent on providers to give consumers options when moving money, no matter their level of digital sophistication,” said Mohamed Touhami el Ouazzani, Regional Vice President, Africa at Western Union.
“The Index reflects Morocco’s status as a key economic player in Africa and an emerging economy globally. It reinforces the need for innovative services as an efficient way for consumers to move money and support their families,” he added.
Ouazzani further underlined: “With a rapidly evolving consumer landscape, it’s important to develop capabilities that meet consumer needs. If consumers want a choice in how and when they send or receive money, then it’s important to offer solutions that advance economic prosperity by empowering people to seamlessly manage their financial lives.”
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