UK-based fintech Revolut has officially filed an application for regulatory approval with Bank Al-Maghrib, Morocco’s central bank, as it advances its expansion plans into North Africa, according to sources close to the matter.
The move signals a significant step in the company’s strategy to tap into the Middle East and North Africa (MENA) region. It sets the stage for a competitive battle in a market dominated by local players and known for its cautious regulatory landscape.
While a Revolut spokesperson described the company’s evaluation of Morocco as being in the “early stages,” the submission of the application and recent high-profile hires suggest its plans are well underway. “We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future,” the spokesperson said.
Last month, Revolut appointed Amine Berrada, a former operations director for Uber in Southern and Eastern Europe, to lead its Moroccan operations from Casablanca. On his appointment, Berrada stated he was “delighted to contribute to the launch and development of its presence in Morocco… by helping to bring cutting-edge financial services to millions of Moroccans.”
With a global user base approaching 60 million and a recent valuation of over $40bn, Revolut aims to leverage its core offerings — low-fee international transfers, multi-currency accounts, and a seamless mobile experience — to capture a share of the Moroccan market. The primary target is Morocco’s significant diaspora, estimated at over 5 million people, which represents a substantial remittance corridor.
Gaining entry will not be straightforward. Bank Al-Maghrib is known for its risk-averse approach, prioritising financial stability over rapid innovation. According to one source familiar with regulatory discussions, “no new foreign banking license has been issued in over a decade,” a policy that has reportedly frustrated other international fintechs, including Kenya’s M-PESA and Nigeria’s Flutterwave.
The Local Champion Braces for Impact
Revolut’s planned entry will be met with stiff competition from Cash Plus, a powerful local financial services provider. Founded in 2004 as a money transfer operator, Cash Plus has evolved into a dominant force with a network of 8,000 branches — double that of its nearest banking competitor.
The company processed over MAD 100bn (approx. $10bn) in transactions in 2023 and is pursuing an aggressive digital transformation backed by a €57m 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 move seen as a preemptive strike against 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 competitive pressure is intensifying as Morocco prepares to host the 2025 Africa Cup of Nations and co-host the 2030 FIFA World Cup. These events are expected to attract millions of visitors, creating a surge in demand for digital payments and seamless cross-border financial services.
This impending 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.”