European fintech giant Revolut is pushing forward with its expansion into North Africa, appointing former Uber executive Amine Berrada to spearhead its entry into Morocco. The move signals a serious challenge to local incumbents in a market that is drawing intense global interest ahead of major international sporting events.
Revolut, which serves 60 million customers and was recently valued at approximately 45 billion, has begun assembling a team in Casablanca. Berrada, who previously served as Uber’s operations director for Southern and Eastern Europe, will lead the company’s strategy and operations as it prepares to apply for a license from Bank Al-Maghrib, Morocco’s central bank.
In an emailed statement to Asharq Business, a Revolut spokesperson confirmed the company’s interest. “We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future. However, we are still in the early stages of the process,” the spokesperson said.
The London-based company has identified Morocco as a key target for its expansion in the Middle East and North Africa (MENA) region, alongside the UAE and Saudi Arabia. The primary draw is Morocco’s significant diaspora, estimated at over 5 million people, which represents a substantial remittance corridor that Revolut could tap into with its established cross-border money transfer services.
The Local Champion Braces for Impact
Revolut’s planned entry will not go uncontested. Morocco’s financial services landscape is dominated by Cash Plus, a powerful local player that has been aggressively expanding its own digital offerings.
Founded in 2004 as a money transfer operator, Cash Plus has evolved into one of the country’s largest financial institutions. It boasts a network of 8,000 branches — double that of its nearest competitor — and offers over 100 services, from bill payments to digital wallets. In 2024, the company processed over MAD 100 billion (approximately 10.75 billion) in transactions and reported revenues of MAD 1.12 billion (120.4 million).
Despite its vast physical footprint, Cash Plus is pursuing an ambitious digital transformation, backed by a €57 million investment from Mediterrania Capital Partners, FMO, and the IFC. Its M-Wallet app now serves over 1 million users, and the company is positioning itself as a “digital bank in all but name.”
In a strategic move seemingly designed to preempt foreign competition, Cash Plus recently announced that non-residents can now open accounts using only a valid passport.
“Morocco is on the global radar, and fintech is no exception,” said Nabil Amar, Chair of the Cash Plus Board. “We are building infrastructure that can support both local users and international entrants — with or without a bank account.”
The Regulatory Gauntlet
Breaking into Morocco’s tightly controlled financial sector is a formidable challenge. The central bank, Bank Al-Maghrib, is known for its cautious and risk-averse approach to licensing new players, prioritizing financial stability above rapid innovation.
“No new foreign banking license has been issued in over a decade,” said one source familiar with regulatory discussions, who requested anonymity due to the sensitivity of the topic.
This cautious stance has frustrated other international operators. Kenyan mobile money giant M-PESA and Nigerian fintech unicorn Flutterwave have reportedly struggled to gain entry into the market. Industry observers suggest Revolut may have to follow the path of Apple Pay, which entered Morocco through a partnership with a local bank.
“A white-label model or offering premium services through an existing player might be Revolut’s only short-term option,” said a Rabat-based fintech consultant.
A Fintech Test Ahead of the World Cup
The competitive pressure is intensifying as Morocco prepares to co-host the 2030 FIFA World Cup and host the 2025 Africa Cup of Nations. These events are expected to attract millions of visitors, triggering a surge in demand for digital payments, e-commerce, and seamless cross-border financial services.
This impending digital boom has turned Morocco into a crucial test market for financial technology in the region.
“In many ways, Morocco is a test case for how fintechs can scale across North Africa,” said one investor with exposure to the sector. “Whichever companies get it right here are likely to win big across the region.”
With its deep local network and fresh capital, Cash Plus is betting it can not only defend its market share but thrive amid the arrival of global challengers. For Revolut, the path into Morocco will likely depend as much on its ability to navigate complex regulations and forge local partnerships as it does on its technology.