XM -Blog

Facilitating Morocco’s Remittance Flow With Cash Plus

February 7th, 2018

Send Money to Morocco with Xpress Money

Myriad of colors, the smell of spice in the streets and a medley of urban sounds; Morocco is known as Al Maghrib al-Aqsa, the land of the setting sun. Just 8 miles from the coast of Spain, this North African country is a beautiful blend of the Middle East and Europe. While its known today as a global tourist destination, one thing that most do not consider is Morocco’s role in the global migration scenario.

For Morocco, migration has been a key player in terms of social and economic development for a long time. Merely 12 years after its independence, Morocco’s budget plans (1968-1972) highlighted emigration as a means of solving the unemployment problem and boost the inflow of foreign currency through remittances from migrant workers.  In fact, migration from Morocco can be traced back to its colonial period. Today, nearly 5.6 million Moroccan expats are playing key roles in markets around the world and in turn helping their homeland grow.

Between 2016 and 2017, inward remittances to Morocco grew by 4.5%, reaching $7 Billion. For a small country like Morocco, remittances of such volumes have a high impact on the country’s economy. For those receiving money in Morocco, remittances enable them to invest in better lives. The money they spend, in turn, helps the economy as well. The country is one of the largest receivers of remittances in the Middle East and North Africa (MENA). According to World Bank reports, the country received over USD 7 billion from Moroccan expatriates, which contributed to 7 percent of the country’s GDP in 2016.

To provide Moroccans living in and outside Morocco a simple, efficient, and affordable way to send money, has always been a top priority for Xpress Money. To further strengthen their presence in the country, Xpress Money has partnered with Cash Plus, offering Moroccans the convenience of receiving instant payments across 3000 cash pickup points, which includes 1200 Cash Plus locations. Apart from cash pickup, Xpress Money also offers bank transfers to any bank in Morocco. The company constantly works towards offering a robust remittance framework in the country. Moroccans around the world, can use Xpress Money to send money safely and instantly to their loved ones in Morocco at great exchange rates and low transfer fees.

Studies show that, if properly facilitated, migration can have a threefold benefit effect: supplying the labor demand of host countries, livelihood improvement of migrants and their families, and the home country in terms of financial inflow. For Morocco, like many developing countries, remittances offer a stable source of income for families and the country. With this new partnership with Cash Plus, and more partnerships in the future, Xpress Money is consistently become a tool that facilitates the transfer of remittances from Moroccans abroad to their home country.