Global fintech heavyweight Revolut has made its interest in the Moroccan market clear, but the country’s central bank, Bank Al-Maghrib, has pumped the brakes on any potential market entry. Following an exploratory meeting in Rabat, Governor Abdellatif Jouahri outlined three significant regulatory priorities that currently prevent the institution from greenlighting the neobank’s ambitions.
Quick Facts
- Revolut held an exploratory meeting with Bank Al-Maghrib.
- No formal banking license application was submitted.
- Entry is blocked by three major regulatory reviews.
An Exploratory Talk, Not a License Request
Abdellatif Jouahri, governor of Bank Al-Maghrib, confirmed he met with a Revolut delegation, composed mainly of senior British executives and a Moroccan representative. While the neobank expressed strong interest in Morocco as a potential hub for African expansion, Jouahri emphasized the meeting’s nature.
“They did not come to say: we want a banking license,” he stated during a press conference. The visit was purely exploratory, with Revolut yet to file a formal application.
Yacine Faqir, Revolut’s Morocco-based CEO and a former World Bank and Mastercard executive, described the meeting as “very warm and open” in a statement to Médias24. He affirmed that Revolut “fully understands and respects the current constraints” and remains “fully committed to the Moroccan project.”
The Three Hurdles: Regulation, Reviews, and Remittances
Jouahri was direct with the Revolut team, outlining three major files that demand the central bank’s full attention, effectively closing the door to new initiatives for now.
First is the ongoing negotiation with European partners over new EU regulations for cross-border banking. Moroccan authorities are working to ensure these directives do not disrupt the flow of remittances from Moroccans abroad, which reached a vital MAD 122 billion ($12.2 billion) in 2024.
The second priority involves scheduled evaluations of Morocco’s financial system by the World Bank and the International Monetary Fund (IMF), expected before the end of 2026.
Finally, the central bank is preparing for an upcoming review by the Financial Action Task Force (FATF), which assesses the country’s compliance with anti-money laundering and counter-terrorism financing standards. Jouahri labeled this as one of the most sensitive files for financial authorities.
“We are currently engaged in all of these processes,” Jouahri clarified. “We have three major priorities that do not allow us to respond favorably to this type of request.” According to the governor, Revolut’s team understood the position and indicated they would return in a few years.
Local Banks Are Already in the Ring
While Revolut’s model—offering no account fees and real-time exchange rates—is appealing, particularly for the Moroccan diaspora, Jouahri noted that the digital banking segment is already a focus for domestic players. “This is a clientele where Moroccan actors are deeply engaged,” he said.
This is evidenced by recent moves from local incumbents. Attijariwafa Bank, the country’s largest lender, launched its full-service neobank app, Simple, in May. The app offers online account opening, virtual cards, and instant transfers through a freemium model similar to Revolut’s. Other major institutions, including Saham Bank and Banque Centrale Populaire, are also developing their own digital banking products.
A Challenging Regulatory Landscape
Securing a license was never going to be simple. Andrea Bises, a regulatory expert working with the Gates Foundation, noted that Morocco has not issued a new foreign banking license in over a decade, with firms like M-PESA and Flutterwave failing to gain entry despite significant efforts.
Bises also pointed out that Morocco’s current regulatory framework may be too narrow for Revolut’s diverse offerings, which include trading, crypto, and travel insurance. Furthermore, Morocco’s 2009 data protection law has been criticized for lacking key provisions relevant to a data-intensive fintech.
For now, Revolut’s Moroccan aspirations are on hold. The central bank has made its position clear, and the timeline for any potential re-engagement appears to be measured in years, not months.
About Revolut
Founded in 2015, Revolut is a British-Lithuanian financial technology company that offers a wide range of banking services. It provides accounts featuring currency exchange, debit cards, virtual cards, stock trading, and crypto, among other services. With a valuation exceeding $30 billion and a user base of over 68 million, it is one of the world’s largest neobanks, operating in approximately 40 markets.
Source: Morocco World News
