British fintech giant Revolut, now valued at $65 billion and hailed as Europe’s highest-valued neobank, is setting its sights on Morocco as its first strategic hub on the African continent. Following months of behind-the-scenes talks with Morocco’s central bank, Bank Al-Maghrib (BAM), Revolut’s board is expected to land in Rabat this October to formally pitch its expansion plan.
The news was confirmed by BAM Governor Abdellatif Jouahri after the bank’s quarterly board meeting on September 23. While he acknowledged Revolut’s interest, he also made it clear that gaining a banking license in Morocco is no easy feat. Any applicant, he stressed, must meet rigorous standards—including a sound business model, clear added value for the national economy, full regulatory compliance, and no threat to financial market stability. “We cannot allow any new entrant to disrupt the balance of the market,” Jouahri stated, noting that in other countries, Revolut has only been granted licenses limited to specific activities.
Despite these hurdles, Revolut appears to be moving full speed ahead. The fintech firm has already begun building a local team, enlisting headhunters and naming Amine Berrada as its first executive in Morocco. A graduate of CentraleSupélec with past experience at the World Bank, Uber, and Bpifrance, Berrada will lead the company’s efforts on the ground.
Should the license be approved, Revolut plans to roll out its signature freemium banking model, combining low-cost digital accounts with fast, cross-border transfers. It’s a formula that has resonated strongly with younger, tech-savvy users in other markets and could significantly shake up Morocco’s financial services landscape. Moreover, Revolut’s entry could inject new energy into the country’s remittances market, which is projected to exceed 117 billion dirhams in 2024, largely driven by the Moroccan diaspora.
Still, the green light hinges on Morocco’s ability to address several regulatory shortcomings. Gaps in consumer protection, data privacy, and anti-fraud mechanisms remain major concerns for BAM. The central bank has signaled its intent to tighten oversight in these areas to ensure long-term financial stability.
As the October meeting draws near, all eyes will be on Rabat. A successful pitch could mark a turning point—not just for Revolut, but for Morocco’s broader ambitions to modernize its banking system and position itself as a competitive player in the global fintech arena.
