Morocco’s postal bank links up with MoneyGram
An alliance between Morocco Post’s banking subsidiary and MoneyGram International will see the remittance firm providing its financial services across the country’s 1,800 post offices. The new partnership will see Al Barid Bank – which celebrated its first anniversary earlier this month – become MoneyGram’s largest agent in Morocco, with all locations to be active by the end of August.
M. Redouane Najm-Eddine, president and director of Al Barid Bank, said: “Offering MoneyGram’s service further demonstrates Al Barid Bank’s commitment to providing a diversified mix of products and services in order to meet our customer needs. This new partnership will allow Al Barid Bank to strengthen its current money transfer offerings.
“MoneyGram is a respected brand in Morocco and we know our customers will find value in using the service to easily and quickly receive funds from family working abroad.”
MoneyGram confirmed they will now operate out of more than 5,000 locations across the country. The business has been active in Morocco since 1998, and recently opened an office in Casablanca dedicated to taking care of its 10 agent partners in the region.
Francois Peyret, regional director for MoneyGram International, said: “We are very pleased that Al Barid Bank has decided to offer MoneyGram’s service, this is a significant business opportunity and an excellent alliance for MoneyGram.
“Morocco is a growth market for MoneyGram as it ranks in the top remittance countries in the world. As we continue to add top agents such as Al Barid Bank to our network we are able to better increase our market share in the country and provide a valuable service to thousands of citizens.”
More than $6.4bn was sent to Morocco in 2010, ranking it 18th in the top 20 remittance receiving countries, according to the World Bank. Countries that send the most money to Morocco include Spain, Italy, the United States, France, Canada, Germany and Saudi Arabia.
