The project is part of the Platform for Migrant Remittances, Investment and Entrepreneurship in Africa (PRIME Africa), an initiative funded by the European Union and implemented by IFAD’s Financing Facility for Remittances (FFR).
Moneytrans’ social involvement with the Moroccan people, combined with its experience in the remittance sector and its technological potential, make this partnership a perfect initiative to improve the financial inclusion of the Moroccan community in Europe and their families in their country of origin.
The main objectives of the programme are:
- Reducing transaction costs of remittances to Morocco
- Accelerating the digitalization of remittances to Morocco
- Leveraging remittances to deepen financial inclusion
- Expanding formal channels for of remittances to Morocco
Moneytrans’ objectives as a remittance operator in Spain, Belgium, France, Italy, the Netherlands and Germany, will involve the promotion and adoption of the digital channel as a way of sending money to Morocco targeting more than 18,000 migrants, reducing their remittance costs.
In addition, the recent launch of the Smile Account –a current account with an EU IBAN, linked to a Mastercard debit card- designed specifically for migrants, will be a vital lever for the financial inclusion of thousands of Moroccan migrants, who will be able to open the account online or in-store with just a passport and residence permit.
Ultimately, IFAD aims to foster trust in digital payment methods among migrants who have traditionally preferred cash transfers due to limited familiarity with financial services and technology. This program is anticipated to significantly benefit rural communities, especially women and families with limited income, by broadening their opportunities for savings and credit access.
