Western Union released the “Global Money Transfer Index”, which revealed that Morocco is the second largest money “receiving” market in Africa for diaspora, after Nigeria.
This year’s edition of the report is called “Uncovering consumer expectations of the remittance industry,” and it went over transaction preferences.
With at least over four million Moroccans living abroad, the report stated that there is USD 11.4 billion in inflows in and out of the country.
The data shows that 48% of Moroccans receive money from abroad at least once a month, with 83% receiving it to cope with the high cost of living.
On Moroccans’ preferences for receiving international money transfers, 38% voted in favor of digital or in-cash transactions.
The report explained that “Receivers are keeping an eye on currency fluctuations, with a majority (64%) stating they receive more money than normal if the Moroccan Dirham (MAD) drops in value. A big majority of senders (83%) are keen to access a money transfer feature that would allow them to monitor exchange rates in real-time.”
As for the senders, 63% of Moroccans living abroad send their families money at least once a month, 76% of them do so to help them endure the rising cost of living, and 42% of them prefer to send the money digitally.
“As Morocco continues to evolve its digital payments ecosystem, harnessing the power of technology to drive financial inclusion will be vital to create opportunities and build more inclusive societies,” stated Western Union’s report.
Western Union based its data on a survey of 30,599 customers who send and/or receive international money transfers and then conducted its analysis.
After evaluating many countries, Western Union concluded that “Family support remains the #1 reason for sending and receiving money.”
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