Morocco’s Attijariwafa Bank partners Thunes for cross-border payments
Attijariwafa Bank, one of the largest banks in Morocco and Africa, has entered a strategic partnership with global cross-border payments company Thunes.
The partnership, according to both firms, will enable “nearly 30 million” bank account owners in Morocco to receive inbound cross-border payments directly into their accounts.
Thunes is connected to Attijariwafa Bank via Ripple, which will allow the bank’s customers to receive payments from around the world through the Thunes network “in seconds”.
Morocco is the third largest remittance receiver in Africa, after Nigeria and Egypt.
“Morocco is a major force in the North African economy, with a GDP of over $100 billion, and it is a key financial hub in the region,” says Asma Ben Gamra, VP of network development, MENA, at Thunes.
“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.”
Ben Gamra adds that the partnership “will be a major improvement for customers that need to make regular cross-border payments”.
Founded in 2016, Thunes is a B2B company that allows businesses to send and receive payments across the world through a single connection.
Thunes claims it currently supports 79 currencies, enables payments to 130 countries and helps to accept 300 payment methods. Headquartered in Singapore, it has regional offices in London, Paris, Shanghai, New York, Dubai, Nairobi, Arizona and Barcelona.