Revolut Appoints Yacine Faqir as CEO for Morocco

Marrakech – British neobank Revolut has appointed Yacine Faqir as CEO for its Morocco operations – a move that many users anticipate could finally bring the app-driven banking experience they have long envied in Europe.

Faqir announced his appointment on LinkedIn on Tuesday. “Proud to hop on the Revolut rocketship as CEO for Morocco and join an exceptional team driven by a deep sense of purpose and ambition. Couldn’t be more excited for what comes next,” he wrote.

Before joining Revolut, Faqir served as Vice President of Products & Solutions for North and Francophone Africa at Mastercard. He has also worked as a consultant for the World Bank and as a senior consultant for fintechs and startups.

This appointment follows the earlier recruitment of Amine Berrada as Head of Operations for Morocco in mid-2025. At the time, Berrada stated on LinkedIn: “Excited to share that I have recently joined Revolut to launch the service in Morocco.”

Since this news broke, many Moroccans have expressed excitement, especially those who have used Revolut in Europe and have long hoped for a similar experience at home. The move is widely seen as a long-awaited step toward a more seamless, app-first banking ecosystem – one that prioritizes speed, transparency, and user control over traditional bureaucracy.

For many, Revolut’s entry represents not just another financial player, but a potential catalyst for shifting Morocco toward a more digital, fee-transparent retail banking environment. In short, a development thousands of Moroccan users have been waiting for.

‘We cannot allow a new player to disrupt the banking system’

The push comes as the London-based fintech giant continues discussions with Moroccan banking authorities. Bank Al-Maghrib Governor Abdellatif Jouahri confirmed in September that the central bank had met with Revolut representatives in June to discuss regulations, prudential rules, and anti-money laundering measures.

Jouahri also revealed that Revolut’s board of directors was scheduled to meet with him on October 5 or 6. He outlined the bank’s approach to new entrants: “We first examine the industrial project: what are you coming to do? What added value do you bring? Then, we look at the founders, their reputation, experience, and their activity worldwide.”

The governor stressed that the central bank is responsible for market balance. “We cannot allow a new player to disrupt the banking system. Any license, if granted, may be limited according to the nature of the project and the local context,” Jouahri stated.

Founded in 2015 in London, Revolut has established itself as one of the world’s most dynamic neobanks. Starting as a multi-currency exchange application, it has evolved into a financial super-app covering payments, savings, credit, trading, insurance, and crypto-assets.

Present in 42 countries, Revolut claimed 52.5 million customers at the end of 2024, a 38% increase year-on-year. Its 2024 revenue reached £3.1 billion ($4.1 billion), up 72%, with pre-tax profits of £1.1 billion ($1.45 billion), an increase of 149%.

The fintech company holds banking licenses in 30 jurisdictions and has recently obtained new approvals in the United Kingdom, Mexico, and Brazil. Its approach remains unchanged: observe, establish, then evolve toward full banking status.

Regionally, Revolut’s expansion continues at pace. In September, the app-based challenger bank secured in-principle approval for a Payments Licence from the UAE. In June, it entered discussions with the Bank of Israel to obtain a “lean bank” licence.

Revolut’s 100% digital services, absence of account maintenance fees, real exchange rates, and smooth mobile experience could shake up local banks.

This new competition will likely first attract young urban dwellers and freelancers, more inclined to adopt digital solutions. Existing payment institutions will need to react quickly to avoid losing connected clientele with strong purchasing power.

International observers understand Revolut’s interest in Morocco. The kingdom ranks among the five most dynamic economies on the continent, alongside Nigeria, Kenya, South Africa, and Egypt.

Regulatory hurdles remain the primary entry barrier

However, they note that the Moroccan regulatory framework remains highly restrictive for a company like Revolut. The fintech company offers trading, cryptocurrency, insurance, and premium card services that face significant regulatory hurdles in the North African country.

No new foreign banking license has been granted in the country for more than ten years, presenting a substantial challenge to Revolut’s full market entry.

In fact, major international companies like M-PESA (Vodafone) and Flutterwave have previously attempted to enter the Moroccan market without success despite several years of efforts, illustrating the complexity and high requirements of the regulator.

With its valuation exceeding €40 billion, Revolut offers a fully digital, smartphone-based banking experience that continues to appeal to young, mobile, and connected customers.

The arrival of Revolut could potentially benefit Moroccans residing abroad, who transferred more than MAD 117 billion ($11.7 billion) to their home country in 2024, often reduced by high commissions and incompressible fixed fees.

On the other hand, the current Moroccan regulatory framework, particularly Law 09-08 on personal data protection, adopted in 2009, is increasingly showing its limits in today’s digital ecosystem.

The law was drafted in a pre-fintech, pre-AI environment and therefore lacks clear provisions on issues such as data breach notification, algorithmic transparency, and the handling of cross-border data flows.

As fintech platforms and AI-driven financial services enter the market, questions arise about how to reconcile innovation with the protection of users’ rights, privacy, and autonomy – areas where the existing legislation provides only partial guidance.