British digital bank Revolut has signaled interest in entering Morocco’s fast-growing financial services market, but authorities say the timing is not favorable for a near-term launch.
Governor of Morocco’s central bank Abdellatif Jouahri said that he met Revolut executives earlier this month in Rabat, where the fintech company outlined its ambitions but stopped short of submitting a formal licensing request.
According to Jouahri, the London-based neobank sees Morocco as an attractive growth market and a potential gateway to Africa. However, Morocco’s central bank has cautioned that several high-priority regulatory and institutional processes currently limit its capacity to consider new entrants.
“We are engaged in multiple major projects,” Jouahri told reporters following BAM’s quarterly board meeting, citing ongoing discussions with European partners over banking regulations that could affect money transfers by Moroccans living abroad.
He added that authorities are also preparing a joint World Bank and International Monetary Fund review later this year, and an assessment under the Financial Action Task Force (FATF) framework on anti-money laundering and counter-terrorism financing.
“These dossiers are taking priority,” Jouahri said, indicating that Revolut’s plans cannot be accommodated in the short term.
The governor also noted that Revolut’s interest is focused mainly on digital banking services, an area where domestic players are already expanding rapidly.
