Western Union Launches First Concept Store in Morocco

Rhea-AI Summary

Western Union has launched its first concept store in Morocco in partnership with Cash Plus, marking its debut in Africa. This store, located in Errahma, Casablanca, offers a unique, branded experience for international money transfers. This launch is part of Western Union's 'Evolve 2025' strategy, which aims to enhance financial accessibility and inclusion. Morocco, receiving around USD 12 billion in remittances annually, is a important market for Western Union. The new store aims to provide customers with personalized support and greater convenience, building on Western Union's global network of over 200 such locations.

Positive

• Launch of the first concept store in Africa, expanding Western Union's footprint.
• Strategic partnership with Cash Plus enhances service delivery.
• Supports Western Union's 'Evolve 2025' strategy aimed at financial inclusion.
• Morocco received approximately USD 12 billion in remittances in 2023, representing 8% of GDP.

Negative

• None.

• Western Union opens first concept store in Morocco in collaboration with Cash Plus
• The store builds on Western Union’s global ‘Evolve 2025’ strategy to offer customers dedicated locations and experiences for money movement

CASABLANCA, Morocco--(BUSINESS WIRE)-- Western Union today launched its first “concept store” in Morocco, in collaboration with Cash Plus. Located in the satellite city of Errahma, the store offers a unique, Western Union-branded experience to customers as they send and receive money internationally. The launch also makes it the first Western Union concept store to open in Africa. It marks a significant milestone in the Company’s ‘Evolve 2025’ strategy for the country and the continent.

“We are thrilled to launch our first concept store in Africa - right here in Morocco,” said Mohamed Touhami el Ouazzani, Regional Vice President of Africa, Western Union. “The country and the wider continent play a crucial role in our growth strategy thanks to their dynamic markets and significant remittance flows. Morocco is a major inbound market in Africa, with loved ones receiving international money transfers from all over the world, including the United States, France, Spain, Italy, the United Arab Emirates and the Kingdom of Saudi Arabia. We are delighted to launch this store in collaboration with Cash Plus, bringing customers a new level of convenience, support and accessibility.”

Morocco is a pivotal hub for remittances. In 2023, the country received approximately USD 12 billion in inflows, making it the third largest inbound market in Africa. These funds represent a vital source of income for many Moroccan families and are a critical component in the foundation of the country's economy. Remittances contribute approximately 8% to Morocco’s GDP.

Driving financial inclusion through even greater accessibility

The launch is a testament to Western Union’s dedication to investing in Morocco and Africa’s markets, with the ambition of improving financial accessibility and inclusion for all. Designed to offer seamless access to a comprehensive range of services in high customer-traffic locations, they ensure customers have access to dedicated service representatives offering personalized assistance and guidance.

“We are excited to expand our collaboration with Western Union to bring this unique concept store to Morocco, redefining the money transfer experience,” said Hazim Sebatta, CEO, Cash Plus. “Our collaboration with Western Union aims to provide exceptional service to customers, transforming the way they send and receive money and empowering them with greater convenience, efficiency and reliability.”

Concept stores support one pillar of the Company’s ‘Evolve 2025’ strategy: to leverage its retail business as a gateway to Western Union. These high-impact stores build on the strong foundations Western Union has with its customers. Today, there are more than 200 of these locations worldwide. Its forward-thinking approach and customer-centric design sets a new standard, providing customers with modern, streamlined, and dedicated experiences for their international money transfer needs.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and over 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626100629/en/

Media contacts:

Saadia McGlinchey

saadia.mcglinchey@wu.com

Karen Santos

karen.santos2@westernunion.com

Source: The Western Union Company

FAQ

What is Western Union's new initiative in Morocco?

Western Union has launched its first concept store in Morocco, in collaboration with Cash Plus.

Where is Western Union's first concept store in Africa located?

The first concept store in Africa by Western Union is located in Errahma, Casablanca, Morocco.

What is the significance of Morocco in Western Union’s strategy?

Morocco is a major inbound market for remittances, receiving about USD 12 billion in 2023, and is important to Western Union’s growth strategy.

How does the new concept store align with Western Union's 'Evolve 2025' strategy?

The concept store supports Western Union's 'Evolve 2025' strategy by enhancing financial accessibility and providing personalized customer service.

What role does Cash Plus play in Western Union's new concept store?

Cash Plus is collaborating with Western Union to launch and operate the concept store in Morocco, aiming to offer enhanced money transfer services.