UK fintech Paysend has teamed up with Damane Money (BMCE), a funds establishment and subsidiary of Financial institution of Africa, to allow cash transfers to financial institution accounts in Morocco.
An estimated 5 million Morroccans reside overseas, with a big proportion (round 42 per cent) transferring cash residence to family and friends within the nation.
Paysend, which presently serves greater than seven clients and 17,000 SMEs in over 150 nations globally, says the partnership with Damane Money will ‘remodel how communities in Morocco handle cash on-line globally’.
Alex Bessonov, group head of community improvement and strategic partnerships at Paysend, stated: “This partnership between Damane Money and Paysend will encourage customers all around the globe to attach throughout borders and ship cash to help family members in Morocco.
“They may expertise extra inexpensive charges and faster processing speeds when sending essential remittances. By Paysend’s easy-to-use app, automated telephone quantity and textual content ID verification, customers can profit from a fast and easy onboarding course of, permitting them to make transfers by way of the Paysend platform instantly.”
Damane Money is the fee establishment of Financial institution of Africa, one of many primary Pan African monetary teams, established in 32 nations. Since 2007, Damane Money has been working as an organization specialised in cash switch that provides monetary money companies by way of greater than 800 branches within the Kingdom of Morocco.
Earlier this 12 months, Paysend additionally expanded its money-transfer companies to Brazil with Pix, the moment fee platform created and managed by the Central Financial institution of Brazil.
Learn our interview with Ashley Mallett, head of B2B progress at Paysend, on how constructing a one-stop-shop on-line ecosystem for monetary companies can allow companies to develop and scale extra simply.