Morocco not ready to open door to Revolut

Bank Al-Maghrib is not currently considering opening the Moroccan market to British fintech giant Revolut, citing other priorities and the strong presence of local financial institutions in the digital services segment targeted by the company.

Speaking at a press conference on Tuesday, Bank Al-Maghrib Governor Abdellatif Jouahri said he had met Revolut's chief executive earlier this month after the company expressed interest in Morocco. However, he stressed that current circumstances «do not allow for a positive response to this direction».

Jouahri explained that the central bank is currently focused on three major issues, notably ongoing negotiations with European partners over the regulatory framework governing remittances from Moroccans living abroad. He noted that the matter «is still far from reaching a final solution».

He also pointed to upcoming assessments by the World Bank and the International Monetary Fund, as well as evaluations by the Financial Action Task Force (FATF) on anti-money laundering and counter-terrorism financing measures.

Jouahri revealed that Revolut has not submitted any formal application for a banking license or authorization to operate in Morocco. Discussions have so far been limited to exploring opportunities in the local market.

According to Bank Al-Maghrib, the services targeted by Revolut are already widely provided by Moroccan banks and payment institutions, meaning the market is largely covered.

Jouahri added that Revolut officials understood the Moroccan position and indicated they could revisit plans to enter the market at a later stage if circumstances change.

Revolut has been exploring expansion opportunities in Morocco in recent months, building a local team and appointing former Mastercard executive Yacine Faqir as its country CEO. The company offers digital banking services, including savings, deposits, lending, investments, foreign exchange and cryptocurrency products.

Commenting on Jouahri’s recent remarks, Faqir said «the recent meeting between Revolut's management and Bank Al-Maghrib Governor Abdellatif Jouahri was marked by a very warm and open discussion», praising what he described as the central bank’s forward-looking approach.

«We fully understand and respect the institution’s current constraints as it manages several ongoing regulatory initiatives. During this constructive exchange, we were able to discuss the natural timeline required to deploy a technological and financial operation of this scale. Revolut remains fully committed to its Moroccan project», he added.

Founded in 2015, Revolut is one of the world's largest and fastest-growing fintech companies. It serves more than 75 million customers in over 160 countries and territories, supports more than 30 currencies and was valued at around $75 billion in 2025.

The developments come a month after Attijariwafa Bank launched what it described as Morocco's first digital bank, in a move widely seen as positioning the group ahead of the arrival of international fintech players targeting younger customers, including Revolut.