British digital banking giant Revolut has approached Bank Al-Maghrib (BAM) to explore opportunities in Morocco, but the central bank believes that ongoing regulatory and supervisory priorities make an immediate market entry unlikely.
Speaking at a press conference following the central bank’s quarterly board meeting on Tuesday, June 23, BAM Governor Abdellatif Jouahri revealed that he met with Revolut executives earlier this month, accompanied by a Moroccan representative.
According to Jouahri, the fintech’s leadership expressed interest in the Moroccan market but did not submit a formal banking license application. They cited Morocco’s growth prospects and its strategic position as a gateway to Africa as key motivations for exploring expansion into the Kingdom.
Three Priority Issues for Bank Al-Maghrib
In response, the central bank governor explained that Moroccan authorities are currently focused on several major regulatory and supervisory initiatives, making it difficult to consider Revolut’s plans at this stage.
The first concerns new European regulations governing the operations of foreign banks within the European Union. Morocco is currently engaged in discussions with several European countries that host large Moroccan diaspora communities to ensure that the implementation of these rules does not negatively affect remittances sent to Morocco by Moroccans living abroad.
Jouahri noted that progress has been made on the issue, but discussions have not yet been fully concluded, and Bank Al-Maghrib continues to treat it as a priority.
The second major challenge is an upcoming joint assessment by the World Bank and the International Monetary Fund (IMF) scheduled for later this year.
The third concerns a forthcoming evaluation by the Financial Action Task Force (FATF), the international body responsible for combating money laundering and terrorist financing.
“We are currently fully engaged with all of these projects,” Jouahri said, explaining the central bank’s cautious stance toward a potential Revolut launch in Morocco.
A Competitive Digital Banking Market
The governor also noted that Revolut’s interest centers on digital banking services, a segment in which Moroccan financial institutions have already made significant investments and established strong market positions.
According to Jouahri, Revolut’s representatives acknowledged the regulatory constraints outlined by Bank Al-Maghrib and agreed that current conditions are not conducive to an immediate expansion into Morocco.
At the end of the meeting, the fintech’s executives indicated that they would revisit the matter in the coming years once the regulatory environment becomes more favorable.
