The partnership between Thunes and Attijariwafa enables any of the nearly 30 million bank account owners in Morocco to receive inbound payments directly to their accounts. Moreover, Thunes' customers will have the ability to send real-time payments to bank accounts in Morocco.
Thunes is connected to Attijariwafa bank via Ripple, a provider of 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.
Morocco is the third largest remittance receiver in Africa, with a large diaspora, a dynamic market, and a sound regulatory framework to foster digital payment services and reduce costs.
Morocco has a GDP of over USD 100 billion. According to the official press release, 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.
The World Bank estimates that personal remittance inflows increased during the pandemic, reaching an estimated USD 7.4 billion at the end of 2020.
To find more about Thunes, check their company profile.
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