North African first for Earthport as it opens in Morocco
Earthport, the cross-border payments service provider, has launched a fully automated payment service into Morocco. The route is the first low value payment service for the company in North Africa and will allow it to expand its network infrastructure into the region.
With more than thirty million people, Morocco is one of the top remittance destinations on the African continent and the second largest remittance country in North Africa with an estimated $6.4 billion worth of payments received in 2010.
The expansion into Morocco comes in response to the growing demand for low-cost payments into the region. The route will enable Earthport’s clients to quickly launch new payments services into the country and deliver faster, more cost efficient and more transparent remittance transfers.
Paul Thomas, executive director at Earthport, said: “Morocco is a key remittance market in North Africa and an important addition to our global network of countries with local clearing capabilities. Earthport’s specialist role in cross-border payments, means our clients reap the benefits of our country-specific regulatory understanding, local payment data framework and system connectivity standards, enabling them to launch new payment services quickly and cost effectively.”