London based money transfer service WorldRemit will join forces with Moroccan financial services company Wafacash to allow customers to send remittances for collection at Wafacash’ 1,620 stores in Morocco.
There are more than 8 million Moroccans currently living overseas, and 7% of Morocco’s GDP is made up of remittance payments, according to the World Bank.
The total value of remittances sent to Morocco approaches $7 billion dollars. There is an increasing demand for instant payments services, which allow for instant access to funds.
Wafacash has stores in every major Moroccan city, including Marrakesh, Tangiers, Fes, and Tetouan. The company has been in existence for more than 26 years and has built up a trusted relationship with its customers over that time.
WorldRemit co-founder and director Catherine Wines commented that “we are very proud to be joining forces with the leading financial partner for money transfers in Morocco”, whilst Samira Khamlichin, Wafacash CEO, said “Moroccans can now receive vital remittances from their family members abroad instantly, simply making use of their unique transaction reference number, and a valid ID.”
WorldRemit helps to send more than half a million overseas money transfers every month. Transfers to most countries are instant.
The company has money transfer partnerships in place in Russia, Tanzania, Zimbabwe, Ghana, the US, Malaysia, Thailand and Vietnam, amongst other countries. The fintech company offers a variety of ways to make transfers, using mobile money accounts, bank deposits, cash pickup and air-time pickups. Currently World Remit does not allow senders to make transfers using cash payments.
WorldRemit was founded by former UN advisor Ismail Ahmed in 2010. The company has rapidly grown in size, today offering senders from 50 countries the ability to send to 100 countries worldwide.
A venture backed company, WorldRemit, the self-styled “WhatsApp of money”, has raised nearly $150 million of funding. A $100m Series B round was completed in February 2015, and a $45m debt financing in February 2016. The Silicon Valley Bank, Accel Partners and TriplePoint Venture Growth are amongst the backers.