Enhancing financial inclusion for Moroccan migrants and their families through the omnichannel multi-service platform

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Enhancing financial inclusion for Moroccan migrants and their families through the omnichannel multi-service platform

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Project Goal

To enhance the financial resilience and economic empowerment of Moroccan remittance families through cost-effective, digitalized remittance flows from Europe, and innovations towards financial inclusion.

Implementing Partner

Moneytrans Payment Services (Moneytrans) was established as an International Money Transfer Operator (IMTO) in Belgium in 2003 and gradually positioned itself as a Europe-to-Africa IMTO champion, competing with global leaders. In partnership with AXA S.A., a French multinational insurance company headquartered in Paris, with operations in 51 countries

Geographic Target

18,000 Moroccan remittance senders in Belgium, France, Germany, Italy, Spain and the Kingdom of the Netherlands; and - 31,500 remittance recipients in Morocco, of whom 30 per cent are in rural areas.

Project Objectives

Cost Reduction

Contribute to reducing international remittance transfer costs to Morocco, and increase access to and use of transparent and gender-responsive low-cost services

Digitalization

Accelerate the use of digital products and strengthen the digital payments ecosystem to facilitate international remittance transfers to Morocco.

Financial Inclusion

Leverage international remittances to Morocco to enhance financial inclusion and resilience of senders and recipients

Formalization

Promote greater access and use of formal international remittance transfers to Morocco.

Project Description

IFAD is partnering with Moneytrans under the PRIME Africa initiative to accelerate the uptake of digital remittances among Moroccan migrants in the EU to enhance the benefit of these flows for families back home towards greater financial inclusion. Targeting the sending side of remittance corridors is crucial to achieve the overall development objectives that remittance transfers offer. Indeed, methods or instruments used by migrants to send money home have a direct impact on the choice of mechanisms adopted at the receiving end. Moneytrans aims at further developing and customizing its existing digital product offering for the particular needs of Moroccan migrants, and to scale it up to facilitate the switch to digital services for Moroccan customers who are still cash-reliant. To this end, the Smile Account will support Moroccan migrants’ digital financial inclusion and resilience and, in turn, that of their relatives abroad. Project activities focus on fostering adoption of digital channels and related financial services by remittance senders.

Project Activities

The project will leverage on an existing insurance product being piloted in partnership with AXA. This microinsurance product guarantees the flow of funds to receiving families in case of accident of migrants abroad, and expands access for Moroccans. 

Through online targeted campaigns in the EU, as well as through their physical networks in EU countries, with dedicated agents trusted by the customers.

Accounts with an International Bank  Account Number (IBAN) allow migrants to receive salaries digitally, and to authorize direct debit for rent payments, which is often a condition to access house rentals. By enabling IBAN formatted accounts, the project will facilitate a key step towards financial autonomy for migrant workers and a more affordable option as it avoids cash-in fees.

In compliance with regulatory requirements, Moneytrans will put in place innovative know-your-customer requirements for low-risk transactions, to enhance the usability of digital payments and financial services among migrant workers in the EU.

Expected Results

Supporting Sustainable Development Goals

Supporting Sustainable Development Goals