The partnership between Thunes and Attijariwafa allows each of the approximately 30 million bank account holders in Morocco to receive incoming payments directly to their accounts. Additionally, Thunes customers will have the ability to send real-time payments to bank accounts in Morocco.
Thunes is connected to Attijariwafa bank through Ripple, an enterprise and blockchain solutions provider, and its global financial technology RippleNet. The connection to RippleNet and Thunes will allow Attijariwafa bank customers to receive transfers from all over the world initiated via the Thunes network in a few seconds.
The remittance market in Africa
Morocco is the third largest recipient of remittances in Africa, with a large diaspora, a dynamic market and a strong regulatory framework to foster digital payment services and reduce costs.
Morocco has a GDP of over $100 billion. According to the official press release, cross-border payments have been a challenge because in the past customers had to use inefficient and expensive methods to send payments to Morocco.
The World Bank estimates that personal remittances increased during the pandemic, reaching around $7.4 billion at the end of 2020.
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