Thunes recently partnered with the Attijariwafa bank to expand its bank payment services across Morocco. The global payments provider will enable over 30 million bank account holders in Morocco to get inbound payments into their accounts.
As one of the biggest financial entities in Africa and Morocco, Attijariwafa bank holds utmost significance in the regions. Thus, by partnering with the bank, Thunes is helping its customers send real-time, seamless, and cost-effective payments to account holders in Morocco.
Both projects are connected using Ripple, the world-known blockchain and enterprise solution provider. Attijariwafa will use its connections with Thunes and RippleNet to receive funds and transfers from across the globe.
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These transfers are conducted via the Thunes ecosystem within seconds. Users with bank accounts in other institutions can also access the service after local clearing. As Africa’s 3rd biggest remittance receiver, Morocco holds a massive market with a reliable regulatory framework.
The nation uses the infrastructure to facilitate virtual payment services, reducing costs. According to the World Bank, personal remittance inflows have surged tremendously during the past few years, reaching an estimated 7.4 billion dollars in 2020. Seeing the growing need for services in Africa, this number will increase significantly in the coming years.
Asma Ben Gamra, the Vice President of Network Development at Thunes, talked about the new partnership. As per Asma, Morocco has always been a major player in the North African economy. With over 100 billion dollars in GDP, the region acts as the financial hub for Africa.
Over the past decade, customers have been forced to use ineffective payment methods, leading to increased costs. That is why Thunes is partnering with Attijariwafa bank to propose smooth bank-to-bank payments to every bank account holder in Morocco. It will be a huge improvement for users who undertake regular cross-border payments. Additionally, it will open the door for new opportunities in the region, added Asma.
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The partnership will develop more affordable and efficient payment services, not only in Morocco but also globally. All of their actions collaborate with the WEF (World Economic Forum), ensuring its longevity.
