SINGAPORE, July 12, 2022 /PRNewswire/ -- Thunes, a global cross-border payments company, has entered into a strategic partnership with Attijariwafa bank, one of the largest banks in Morocco and Africa.
This partnership enables any of the nearly 30 million bank account owners in Morocco to receive inbound payments directly to their accounts. Thunes' global customers will have the ability to send seamless, cost-effective and real-time payments to bank accounts in Morocco.
Thunes is connected to Attijariwafa bank via Ripple, the leader in enterprise and blockchain solutions, and its global financial technology RippleNet. The connection to RippleNet and Thunes will allow Attijariwafa bank's customers to receive transfers from around the world initiated through the Thunes network in a matter of a few seconds. Other Moroccan banks' customers can be reached using the local clearing.
Morocco is the third largest remittance receiver in Africa (after Nigeria and Egypt), with a large diaspora, a dynamic market and a sound regulatory framework to foster digital payment services and reduce costs. The World Bank estimates that personal remittance inflows increased strongly during the pandemic, reaching an estimated US$7.4 billion at the end of 2020.
Asma Ben Gamra, VP of Network Development, MENA, at Thunes, said: "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. Cross-border payments have been a challenge as in the past, customers would have to use inefficient and expensive methods to send payments to Morocco. We are today pleased to partner with Attijariwafa bank to enable seamless bank-to-bank payments to all bank accounts in Morocco. This will be a major improvement for customers that need to make regular cross-border payments, and a significant milestone for our Network expansion in North Africa."
This partnership with Attijariwafa bank aligns with Thunes' commitment to building more efficient and affordable payments services around the world, a financial access mission the company is undertaking in collaboration with the World Economic Forum (WEF).
Brooks Entwistle, SVP of Global Customer Success and MD of APAC and MENA at Ripple, said, "We are thrilled to announce this extension to our existing partnership with Thunes, and together we look forward to providing faster, cost-effective and more transparent cross-border payments experiences for customers in Morocco and the greater MENA region."
Mrs Nawal Alami, Head of Cash Management and Payments at Attijariwafa bank said, "Thanks to Thunes' Membership in Ripplenet network, Attijariwafa bank and its international financial partners, are now able to exchange transfers in a transparent, secure and instantaneous way.
This will allow Attijariwafa bank's customers to receive transfers initiated through the partners members of the same network in a few seconds. Other Moroccan banks customers can be reached using the local clearing.
We are excited to announce our partnership with Thunes, a leader in global cross-border payments, to enrich Attijariwafa bank's offer to the Moroccan population living abroad."
