Attijariwafa bank, one of the largest banks in Morocco and Africa, has sealed a strategic partnership with the global cross-border payments company, Thunes. Leveraging the RippleNet technology, Thunes payment network will allow customers of the top Moroccan bank to receive transfers from anywhere in the world speedily.
Attijariwafa Bank Expands Payout Services across Morocco
As announced, the Morocco-based bank, Attijariwafa is set to utilize the RippleNet technology to expand its payout services across the nation of Morocco.
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Through this partnership, about 30 million bank account owners in Morocco will be able to receive inbound payments directly to their bank accounts. Likewise, customers of the Thunes payment platform can now send payments to bank accounts in Morocco.
Precisely, the development will enable seamless bank-to-bank payments to all bank accounts in Morocco.
Per the announcement, “the 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).”
Therefore the fresh partnership is strategic, considering that Morocco is the third largest remittance receiver in Africa. Notably, Nigeria is Africa’s largest remittance receiver followed by Egypt.
With Morocco’s friendly regulatory framework and large diaspora, Thunes payments company sees the African nation as a ripe ground to foster digital payment services.
Importantly, the synergy between parties will introduce an easier, less costly, and faster channel for Moroccans to carry out internal and external payments. Therefore, “it is a major improvement for customers that need to make regular cross-border payments, and a significant milestone for Attijariwafa bank network expansion in North Africa,” Asma Ben Gamra, VP of Network Development, MENA, at Thunes, said.
In responding to the partnership, 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. 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.”
Ripple Technology Usage by Financial Institutions is Growing
The RippleNet technology has been adopted by several financial institutions lately. In June ending, Airwallex leveraged RippleNet’s capabilities to launch its international payments services in New Zealand.
Similarly, the Moroccan bank is set to take advantage of Ripple’s global financial technology to expand its services. Notably, Thunes is connected to Attijariwafa bank via Ripple and RippleNet.
This connection to RippleNet and Thunes will enable Attijariwafa bank’s customers to receive transfers from around the world at a fast speed when initiated through the Thunes payments network.
Brooks Entwistle, SVP of Global Customer Success and MD of APAC and MENA at Ripple, noted, “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.”