Revolut's Prospects in Morocco: Regulatory Hurdles Ahead
On June 23, during the quarterly meeting of the Bank Al-Maghrib Council, Abdellatif Jouahri shed light on the anticipated arrival of the British neobank, Revolut, contradicting a narrative that has been building for nine months. When asked about the fintech's potential entry into the Moroccan banking sector, Jouahri confirmed that he had met with Revolut's leadership earlier in the month, accompanied by a Moroccan representative. However, he emphasized a crucial point: no application for a banking license has been submitted by Revolut. This revelation indicates that what has been deemed a highly awaited development remains exploratory, with no formal procedures initiated with the central bank to date.
In response to Revolut's interest, the Governor of Bank Al-Maghrib presented three regulatory priorities that he considers essential before any consideration of the neobank's entry into the Moroccan market. The first priority pertains to a European directive impacting Moroccan banks operating within the European Union, which is a sensitive issue affecting the remittances of Moroccans living abroad. The second is the anticipated joint evaluation by the International Monetary Fund (IMF) and the World Bank, expected to conclude by the end of the year. Lastly, the examination of Morocco by the Financial Action Task Force (FATF) regarding anti-money laundering measures presents significant scrutiny for a cross-border payment service like Revolut. Jouahri stated, 'We are committed to completing all these projects,' while also acknowledging that he does not control the timing for these developments. According to his account, Revolut's executives have recognized that the timing is not currently favorable for their entry and noted that they would consider returning in a few years.
As reported by mobile.telquel.ma.
