TerraPay & Attijariwafa bank partner to enhance cross-border payments in Morocco

By Delisha Fernandes

TerraPay, a global payments infrastructure company, partnered with Attijariwafa Bank, a Morocco-based bank that facilitates real-time and seamless global money transfers directly to bank accounts.

This partnership will empower Attijariwafa Bank to tap into TerraPay’s well-entrenched global partner networks and receive inbound cross-border payments from various send partners across 200 countries. Through this collaboration, TerraPay will leverage Attijariwafa Bank’s expertise in person-to-person payments and its strong regional presence to expand its network in Morocco further.

Morocco is Africa’s third largest remittance receiver  (after Nigeria and Egypt) and a constantly expanding market. Money transfers from Moroccan diaspora members reached MAD 93.3 billion ($9.95 billion) at the end of December 2021, compared to MAD 68.18 billion ($7.27 billion) in 2020, experiencing an increase of 36.8% or MAD 25.07 billion ($2.67 billion).

Regarding the partnership, Bassem Awada, GM MENA and VP Global – Key Partnerships, TerraPay said, “Morocco is a competitive market with a large diaspora for remittances. We welcome Attijariwafa Bank as our trusted partner for instant global payments in Morocco. This partnership is a first for TerraPay in Morocco, allowing us to deepen our network further & expand TerraPay’s global footprint.”

Adnane Driouech, Head of Corporate and International Cash Management at Attijariwafa Bank said, “We are pleased to partner with TerraPay. Their extensive global payments network, partners, and infrastructure will be critical in facilitating instant international money transfers to our customers. Our integration with TerraPay has allowed our customers to receive cross-border payments directly from more than 200 countries in a transparent, secure, and instantaneous way.”