UK fintech Revolut seeks foothold in Moroccan market

British fintech giant Revolut is in advanced negotiations with Bank Al-Maghrib as it seeks to establish a strategic foothold in Morocco, potentially positioning the country as its continental base for expansion across Africa.

Speaking to reporters, governor of Morocco’s central bank Abdellatif Jouahri said the institution held technical meetings with Revolut’s representatives in June and August.

Revolut’s executive leadership is expected to travel to Rabat in October to formally present its operational blueprint to the Moroccan central bank, he said.

The move signals the company’s growing interest in the region and its ambition to tap into underserved markets.

Medias24 reported earlier that Revolut has already begun laying the groundwork for its Moroccan entry, including the appointment of Amine Berrada, a former executive at Uber, the World Bank, and Bpifrance, as its Country Head.

The Moroccan central bank has made it clear that any licensing approval will be contingent on strict regulatory criteria.

The central bank is expected to assess Revolut’s proposal based on its industrial viability, contribution to the national economy, international experience, and alignment with Morocco’s financial stability objectives.

Revolut, currently valued at $65 billion, aims to address gaps in Morocco’s banking infrastructure and offer innovative financial solutions tailored to local consumer needs.