Bank of Africa brought its summer programme for Moroccans living abroad to an end in Nador on Friday evening. The bank held a music event on the beach of the Marchica lagoon, bringing together clients who had travelled from several countries.
The event was the final stop in Morocco after earlier events in Agadir and Tangier.
Moroccan singers Tarik Tito and Rachid Kasmi performed during the evening. Their set included different styles from Moroccan music.
The bank will now take similar events to major foreign capitals to connect with younger members of the Moroccan diaspora and maintain their links with Morocco.
Bank of Africa also used the programme to present its banking and investment services for MREs.
MRE clients can open accounts in foreign currencies or convertible dirhams. They can also use the BMCE Direct mobile platform to make international transfers.
The bank offers advice to clients looking to buy property or start businesses in Morocco.
Its MDM Invest Fund also helps MRE investors finance industrial and service projects. The state-backed scheme can provide non-refundable grants covering up to 10% of the cost of an eligible project.
Remittances remain important
Around 5 million Moroccans live abroad. They send more than $11bn back each year.
These transfers are an important source of foreign currency and also increase deposits held by Moroccan banks.
Banks are now trying to move beyond remittances. They want more diaspora money to go into businesses, start-ups and infrastructure projects.
Bank of Africa, formerly BMCE Bank, operates in more than 30 countries across Africa, Europe, Asia and North America.
The group has more than $30bn in total assets and serves more than 6.6 million customers through more than 2,000 branches.
It is one of the three largest banking groups in Morocco and is also involved in trade finance and investment between Europe and sub-Saharan Africa.
