UK fintech Paysend has teamed up with Damane Cash (BMCE), a payments institution and subsidiary of Bank of Africa, to enable money transfers to bank accounts in Morocco.
An estimated five million Morroccans live abroad, with a large proportion (around 42 per cent) transferring money home to friends and family in the country.
Paysend, which currently serves more than seven customers and 17,000 SMEs in over 150 countries globally, says the partnership with Damane Cash will ‘transform how communities in Morocco manage money online globally’.
Alex Bessonov, group head of network development and strategic partnerships at Paysend, said: “This partnership between Damane Cash and Paysend will encourage users all over the globe to connect across borders and send money to support loved ones in Morocco.
“They will experience more affordable rates and quicker processing speeds when sending important remittances. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”
Damane Cash is the payment institution of Bank of Africa, one of the main Pan African financial groups, established in 32 countries. Since 2007, Damane Cash has been operating as a company specialised in money transfer that offers financial cash services through more than 800 branches in the Kingdom of Morocco.
Earlier this year, Paysend also expanded its money-transfer services to Brazil with Pix, the instant payment platform created and managed by the Central Bank of Brazil.
Read our interview with Ashley Mallett, head of B2B growth at Paysend, on how building a one-stop-shop online ecosystem for financial services can enable businesses to grow and scale more easily.
