UK-based Axia Fx, a provider of foreign exchange services, has agreed to provide foreign exchange and international money transfer services to Morocco-based Banque Marocaine du Commerce Exterieur (BMCE) Bank customers.
According to the Axia Fx, the service will include overseas mortgage payments, repatriation of funds, regular money transfers (over GBP500), payment of children’s school fees, transfer of UK pensions overseas, settlement of overseas property bills and receipt of rental income from overseas properties.
Abdallah Alaoui, managing director of BMCE Bank, said: “This is a great business opportunity to support the organic growth of the bank in the UK and we are delighted to have partnered with Axia Fx to provide our clients a foreign exchange and money transfer service.
“Whilst our client base consists primarily of private clients in search of the best exchange rates, we have identified a number of synergies in products and channels that will enable the bank to achieve growth within our corporate clients’ community with foreign exchange services needs.”
David White, managing director of Axia Fx, said: “We are looking to accelerate our exponential growth and geo-demographic expansion. I believe that there are sizable opportunities to grow Axia Fx business in Morocco and the wider North African region. This is a region where BMCE Bank has a strong foothold and we are excited to have joined forces as we explore ways to capitalize on our complementary skills, products and services in these new markets.”