If the transfer of money has made a lot of fortunes in Morocco, some have rather left a lot of feathers!
Unlike the shareholders of Eurosol, Cash Plus or M2T who have done very good business by pocketing capital gains on the sale of their company (the latest was the transfer of the majority of Cash Plus to the group Tazi, the Emirati UAE Exchange Group has just come out of this business in Morocco after losing tens of millions of dirhams.
Indeed, the group specializing in money transfer, exchange and payment solutions proceeded to the liquidation of its subsidiary UAE Exchange Morocco which operated in money transfer and currency exchange, ten years later having spearheads its development strategy in Africa.
It must be said that in a sector facing profound changes in the digitalisation melting pot and the adaptation to the rise of mobile financial services, the subsidiary of UAE Exchange has been surpassed by more agile players and/or those who have reached critical sizes faster through consolidation and reconciliation (more than 1,000 outlets against less than 500 for UAE Exchange Morocco at its peak).
Thus, in the face of repeated losses and in the absence of a recovery perspective, the Abu Dhabi-based parent company has decided to end its Moroccan adventure and to abandon its exercise license issued by Bank Al-Maghrib in 2010.
However, the group UAE Exchange which has a presence in thirty countries including five African countries (all English-speaking countries), has folded into a commercial and technical partnership with the Banque Centrale Populaire. This allows it to continue to offer its customers the possibility of making transfers to Morocco to beneficiaries who can withdraw money in cash from the entire Banque Populaire Group network, even if they do not do not have an account with the group on horseback.