Revolut faces regulatory hurdles in Morocco despite expansion plans

Revolut’s ambitions to enter Morocco remain on hold after Bank Al-Maghrib outlined several regulatory priorities that currently prevent the central bank from supporting the fintech’s expansion plans. The Revolut Morocco project has attracted significant attention in financial circles, but authorities insist that broader financial stability objectives must take precedence.

Speaking after the quarterly meeting of Bank Al-Maghrib’s board, Governor Abdellatif Jouahri confirmed that he met Revolut executives in Rabat earlier this month. The delegation included senior representatives from the United Kingdom as well as Moroccan officials. According to Jouahri, the company expressed strong interest in Morocco because of its economic performance and its potential role as a gateway to African markets.

The governor stressed that the meeting remained exploratory and did not involve a formal request for a banking license. He said Revolut sought to better understand the Moroccan market and regulatory environment before considering future steps.

Revolut is among the world’s largest fintech companies. The group operates in around 40 markets and reported revenue of approximately MAD 58 billion in 2025, reflecting annual growth of 46%. Pre-tax profit rose 57% to roughly MAD 22 billion. Its customer base expanded to 68.3 million users worldwide, while deposits exceeded MAD 630 billion. The company has also announced plans to invest about MAD 126 billion over five years to support growth across Latin America, Asia-Pacific, the Middle East, and Africa.

The company’s digital model centers on mobile banking services, fee-free account maintenance, competitive currency exchange rates, and premium subscription plans. This approach has generated interest among Moroccan consumers, particularly members of the diaspora who regularly send money home.

Jouahri identified three major priorities that currently limit the possibility of approving new initiatives such as the Revolut Morocco project.

The first concerns ongoing discussions with European partners regarding new regulations affecting cross-border banking activities. Moroccan authorities are working to ensure that future European rules do not disrupt remittance flows from Moroccans living abroad. These transfers remain a strategic component of the national economy. In 2024, remittances reached MAD 122 billion and contributed significantly to foreign currency reserves and domestic investment.

The second priority involves upcoming evaluations by the World Bank and the International Monetary Fund. These reviews will assess the strength of Morocco’s financial system and its compliance with international standards before the end of 2026.

The third issue relates to a forthcoming assessment by the Financial Action Task Force. The review will examine Morocco’s anti-money laundering and counter-terrorism financing framework. Authorities consider this process particularly important because of its impact on the country’s reputation among investors and international institutions.

According to Jouahri, Revolut’s representatives acknowledged these constraints and indicated they would revisit discussions in the future once the regulatory environment becomes more favorable.

Yacine Faqir, Revolut’s Morocco-based chief executive, described the meeting as constructive and reaffirmed the company’s commitment to the Moroccan market. He said Revolut respects the central bank’s priorities and remains interested in pursuing opportunities in the kingdom over the long term.

Industry observers believe the company could significantly reshape Morocco’s financial landscape if it eventually enters the market. Revolut’s strengths in international transfers and digital payments could appeal to affluent and digitally connected consumers. The Moroccan diaspora could also benefit from lower-cost cross-border transactions.

At the same time, analysts point to concerns regarding the potential impact on traditional banking employment. Similar digital banking models in Europe have contributed to branch reductions and workforce restructuring, issues that Moroccan regulators are likely to examine carefully.

Bank Al-Maghrib also argues that local institutions have already made substantial progress in digital banking. Attijariwafa Bank recently launched its Simple platform, offering digital account opening, payment services, transfers, savings features, and physical and virtual cards. Other institutions, including Saham Bank and Banque Centrale Populaire, are preparing similar services.

Regulatory specialists note that Morocco has not granted a new foreign banking license in more than a decade. They argue that the current framework may not fully accommodate a company such as Revolut, whose activities extend beyond traditional banking into trading services, cryptocurrencies, insurance products, and premium financial offerings.

Morocco’s banking sector remains concentrated, with five institutions controlling most assets, loans, and deposits. Data protection regulations have also faced criticism for lacking some safeguards expected by international fintech operators.

For now, Revolut’s expansion timetable in Morocco appears measured in years rather than months. While the company remains committed to entering the market, regulators continue to prioritize financial stability, international compliance reviews, and the protection of strategic remittance flows before considering new entrants.