Rabat – British digital bank Revolut has expressed interest in expanding into Morocco, Governor of Bank Al-Maghrib (BAM) Abdellatif Jouahri confirmed on Tuesday in Rabat.
Speaking at a press briefing following the central bank’s third quarterly board meeting of 2025, Jouahri revealed that Revolut executives already met with BAM’s General Directorate in June.
He added that the fintech’s board of directors plans to visit Rabat in October to outline its proposed projects for the Moroccan market.
Strict licensing conditions
Jouahri said that obtaining a banking license in Morocco requires rigorous criteria, including an industrial project with clear added value, strong expertise, and respect for market balance. “We cannot allow a new player to destabilize the market,” he said.
The central bank governor noted that in several jurisdictions where Revolut has been licensed, authorizations were restricted to specific activities. BAM, he said, would adopt a similar approach tailored to national circumstances.
“When an operator applies for a license, we examine its project, technical capacity, and contribution to the national economy, while also reviewing the founders’ profiles,” Jouahri explained.
Focus on regulation and compliance
According to Jouahri, talks with Revolut touched on Morocco’s financial system; how national regulations compare with international banking standards and measures to combat money laundering.
Revolut, one of the world’s fastest-growing fintechs, offers app-based banking and payment services in multiple countries. Its potential entry into Morocco would mark a big step in the gradual opening of the national financial sector to digital-only banks.
Digital currency legislation
Jouahri also underlined the urgent need to prioritize the draft digital currency law, stressing that such legislation would facilitate the tracking of activities related to digital assets.
The draft law has already been submitted to the General Secretariat of the Government, he said, and is inspired by experiences from other central banks as well as G20 recommendations.
Adopting this framework, he argued, would allow Morocco to regulate digital currencies effectively, while addressing growing public interest in such assets. BAM insists that a legal foundation must be in place before the country considers launching a virtual currency, which could ultimately benefit consumers.
Jouahri explained that digital currencies carry a monetary and a financial dimension. They function as currencies for transactions while also acting as financial assets.
While BAM had previously warned about the risks associated with cryptocurrencies, the institution is now actively assessing their potential impact on Morocco’s economy.
