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Marrakech – British neobank Revolut has set its sights on Morocco. But Bank Al-Maghrib is not ready to open the door.
Abdellatif Jouahri, governor of Morocco’s central bank, confirmed on Tuesday that he received Revolut’s leadership earlier this month in Rabat. The delegation included mainly senior British executives, alongside a Moroccan representative. They expressed interest in the Moroccan market, citing its strong macroeconomic indicators and its potential as a launchpad for expansion into Africa.
No formal license application was submitted. Jouahri was clear on that point. “They did not come to say: we want a banking license,” he stated during a press conference following the quarterly meeting of Bank Al-Maghrib’s board. The visit, he said, was exploratory in nature.
Revolut is one of the world’s highest-valued fintechs, with a valuation exceeding MAD 300 billion ($30 billion). The company operates across roughly 40 markets and reported revenue of approximately MAD 58 billion ($5.8 billion) for 2025, a 46% year-on-year increase. Pre-tax profit reached roughly MAD 22 billion ($2.2 billion), up 57%.
Its global user base grew to 68.3 million, with customer deposits surpassing MAD 630 billion ($63 billion). The neobank has announced plans to invest approximately MAD 126 billion ($12.6 billion) over five years to fund expansion in Latin America, Asia-Pacific, the Middle East, and Africa.
Its core appeal is straightforward. Revolut offers a 100% digital banking model with no account maintenance fees, real-time exchange rates, and a streamlined mobile experience. It operates on a freemium model, offering basic services for free while charging for premium tiers. That model has drawn particular attention in Morocco, where diaspora remittances represent a critical economic pillar.
Still, Jouahri did not leave the conversation open-ended. He told the Revolut delegation that three major regulatory priorities currently prevent the central bank from responding favorably to any such initiative.
Three priorities on the table
The first involves ongoing negotiations with European partners over new EU regulations governing cross-border banking. Morocco is working to ensure that incoming directives do not disrupt remittance flows from Moroccans living abroad, particularly in France and other European countries where the diaspora is concentrated.
Jouahri described this file as partially resolved but far from finalized. The stakes are significant. In 2024, remittances to Morocco reached MAD 122 billion ($12.2 billion). These flows are vital for Morocco’s foreign currency reserves, savings, and domestic investment, and any regulatory disruption could have broad consequences.
The second priority concerns scheduled evaluations by the World Bank and the International Monetary Fund (IMF), expected before the end of 2026. These assessments measure the resilience of Morocco’s financial system and its alignment with international standards.
The third involves an upcoming review by the Financial Action Task Force, known by its French acronym GAFI. This evaluation focuses on Morocco’s compliance with anti-money laundering and counter-terrorism financing standards. Jouahri labeled it as one of the most sensitive files for financial authorities, given its direct impact on Morocco’s image among international investors and institutions.
“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.”
Revolut takes note
According to Jouahri, Revolut’s representatives understood the constraints and asked whether discussions could resume at a later stage. The governor told them the priority for now was to complete these institutional milestones. He indicated the neobank’s team said they would return in a few years, once conditions were more favorable.
Revolut responded publicly through Yacine Faqir, its Morocco-based CEO. Faqir is a former World Bank and Mastercard executive who previously worked on credit bureau systems in the Middle East and led fintech firm Quantik’s operations in Morocco.
In a statement to Médias24, Faqir said the meeting was “very warm and open” and that Revolut “fully understands and respects the current constraints” facing the institution. He added that the company remains “fully committed to the Moroccan project.”
Interest in Revolut has been building for months across Moroccan financial circles and social media. Its potential entry carries significant implications for the kingdom’s financial landscape.
The neobank would pose a direct challenge to existing payment institutions, particularly on high-value segments such as international transfers and online payments. Its model is built to attract a wealthier, digitally connected clientele – a demographic already underserved by traditional Moroccan banking.
The Moroccan diaspora stands to benefit the most, according to industry observers. Even as a small player domestically, Revolut already enjoys strong brand recognition among Moroccans living in Europe. The diaspora remains the country’s primary source of foreign currency, and a low-cost, seamless transfer option would resonate strongly with younger, tech-savvy members of that community.
Yet the disruption cuts both ways, with analysts speaking of a “cost-benefit dilemma.” The advantages for consumers and the broader push toward financial digitalization are clear. But a fully digital model with no account maintenance fees and minimal physical infrastructure raises real questions about employment in the traditional banking sector. Branch closures and job losses have followed Revolut’s entry into several European markets – a pattern Moroccan regulators and industry players are unlikely to ignore.
Local banks already in position
Jouahri also pointed out that the digital banking segment Revolut is targeting is already well served by Moroccan players. “This is a clientele where Moroccan actors are deeply engaged,” he said.
That assessment is backed by recent market moves. Attijariwafa Bank, Morocco’s largest lender and a subsidiary of the Al Mada holding group, launched Simple in May.
The app functions as a full-service neobank with online account opening, virtual and physical cards, QR code payments, instant transfers, and automated savings. Its tiered freemium model mirrors the one Revolut popularized in Europe. The launch came right after the conclusion of the Morocco Gaming Expo (MGE), held in the presence of Crown Prince Moulay El Hassan.
Other banks are preparing similar offerings. Saham Bank and Banque Centrale Populaire are both reportedly developing competing digital products.
Andrea Bises, a regulatory expert working with the Gates Foundation across the Gulf and Africa, told Challenge magazine earlier in May that no new foreign banking license has been issued in Morocco in over a decade. Major international firms such as M-PESA and Flutterwave attempted entry without success, despite years of effort.
Bises also flagged limitations in Morocco’s regulatory framework. He described it as too narrow for a company like Revolut, which offers trading, crypto, premium cards, and travel insurance alongside standard banking.
He estimated that any market entry would require a minimum of 12 to 24 months between preparation, regulatory clearance, and deployment. A partnership model with a local bank, he suggested, may prove more realistic than a standalone license.
Morocco’s banking sector remains highly concentrated. According to Bank Al-Maghrib’s 2024 annual report, five banks control 76% of assets, loans, and deposits. The country has 24 banks, including five Islamic participative banks, along with 29 finance companies and 18 payment institutions.
Morocco’s data protection law, Law 09-08, dates from 2009 and has been criticized for gaps in breach notification obligations and the absence of extraterritorial provisions – a potential obstacle for a data-heavy fintech like Revolut.
For now, Revolut’s ambitions in Morocco remain on hold. The neobank has signaled patience. The central bank has signaled control. The timeline, by both accounts, is measured in years rather than months.
This is a position Jouahri has held consistently. In September 2025, during a press briefing following Bank Al-Maghrib’s third quarterly board meeting, the governor confirmed that Revolut executives had already met with the central bank’s General Directorate and stressed that obtaining a banking license in Morocco requires rigorous criteria. “We cannot allow a new player to destabilize the market,” he said at the time.
