Revolut's Interest in the Moroccan Market
The British neobank Revolut has recently shown interest in entering the Moroccan financial market, viewing it as a strategic opportunity for growth and a gateway to the African continent. However, Bank Al-Maghrib (BAM), the central bank of Morocco, has expressed reservations about the timing of such an expansion. During a press conference held on June 23, 2026, following a quarterly meeting of the central bank's council, BAM's governor, Abdellatif Jouahri, indicated that several ongoing strategic matters currently preclude the immediate arrival of Revolut in Morocco.
Strategic Challenges Ahead
During the meeting, it was revealed that the representatives of Revolut had approached BAM earlier in June to discuss their aspirations for the Moroccan market. Although they did not formally request authorization, they outlined their reasons for interest, citing the country's development potential and its advantageous position as a bridge to Africa. Despite this interest, Jouahri clarified that BAM is preoccupied with key strategic issues that must be addressed before any foreign bank can establish operations in Morocco.
Firstly, there is the matter of European regulations concerning the presence of foreign banks within the European Union. Jouahri pointed out that Morocco is currently in discussions with European countries, which host a significant Moroccan diaspora, to ensure that the implementation of these regulations does not adversely affect remittances to Morocco. This issue is in the process of being resolved, but it remains a priority for BAM.
Secondly, BAM is anticipating an evaluation by the World Bank and the International Monetary Fund later this year. Additionally, there is an upcoming assessment by the Financial Action Task Force (FATF), an international body focused on combating money laundering and terrorism financing. These evaluations are critical for Morocco and occupy the central bank's resources and attention, thereby delaying any new banking initiatives.
As Jouahri succinctly put it, "We are engaged with all these ongoing projects," which justifies the cautious approach toward Revolut's entry into the Moroccan market. He also noted that Revolut has shown interest in a specific segment of operations, namely digital banking services, an area where local Moroccan players are already well-established.
Ultimately, the representatives of Revolut acknowledged the constraints outlined by BAM. They recognized that the current context does not favor their immediate entry into Morocco and stated their intention to reconnect with Moroccan authorities in a few years when conditions are deemed more conducive for their operations.
As reported by fr.le360.ma.
