UK-based neobank Revolut has taken a formal step towards entering the Moroccan market, filing an application for regulatory approval with the country’s central bank, Bank Al-Maghrib (BAM), according to sources familiar with the matter.
The move signals Revolut’s serious intent to expand into North Africa and sets the stage for a complex challenge: penetrating a market defined by powerful domestic incumbents and a famously cautious regulatory regime that has stymied other foreign fintechs.
While a Revolut spokesperson characterised the company’s evaluation of Morocco as being in the “early stages,” the submission of the application and recent strategic hires now indicate advanced preparations.
Last month, the $40bn fintech 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.”
The Regulatory Hurdle
Revolut’s primary obstacle is Bank Al-Maghrib. The central bank is known for a stability-first approach, prioritising the solidity of the financial system over rapid innovation. A key pillar of this strategy has been a restrictive licensing policy.
“No new foreign banking license has been issued in over a decade,” a source with knowledge of regulatory discussions said. This high barrier to entry has reportedly frustrated the ambitions of other international fintech firms, including major African players like Kenya’s M-PESA and Nigeria’s Flutterwave.
However, the most significant hurdle for Revolut will be the Office des Changes, the government body responsible for regulating foreign exchange and enforcing strict capital controls. Moroccan law heavily restricts the ability of residents to send money out of the country, capping it at an annual “tourist allowance” (dotation touristique) of MAD 100,000 (approx. $10,000) for personal travel.
This regulation directly conflicts with one of Revolut’s core value propositions: seamless, low-cost international transfers initiated by the user. Online forums are already rife with skepticism from potential Moroccan users. As one commenter noted, “International transfer is strictly controlled by Moroccan Office des Changes. There is no way the app would be allow you to transfer money abroad otherwise the app will not be allowed.”
This sentiment is widespread, with many expecting a heavily localised, and potentially limited, version of the app. “Please just lower your expectations, mate,” another user advised. “They will soon face the realities of Moroccan regulations.” The consensus is that Revolut will likely excel at receiving international payments and facilitating domestic transactions, but its ability to enable outbound transfers will be severely curtailed.
This sentiment reflects a widespread understanding among Moroccans of the tight controls on foreign exchange.
The Local Champion Prepares
Should it secure a license, Revolut will not find a vacant field. It faces a deeply entrenched and digitally-adapting competitor in Cash Plus.
Founded in 2004 as a money transfer operator, Cash Plus has evolved into a financial services powerhouse. It boasts a physical network of 8,000 branches — double that of its nearest traditional banking competitor — and processed over MAD 100bn (approximately $10bn) in transactions in 2023.
Now, with a €57m investment from funds including Mediterrania Capital Partners, FMO, and the IFC, it is pursuing an aggressive digital transformation. Its M-Wallet app has over one million users, and the company is positioning itself as a “digital bank in all but name.”
In a move widely seen as a preemptive strike against foreign digital banks, Cash Plus recently announced that non-residents can now open accounts using only a valid passport, directly targeting the diaspora community Revolut also covets.
“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 Stakes for Morocco
The competitive dynamic is intensifying as Morocco prepares to host major international events, including the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, which it will co-host. These events are expected to drive a surge in demand for modern digital payment and cross-border financial services from millions of visitors.
This has turned the country into a critical test case for financial technology in North Africa.
“In many ways, Morocco is a test case for how fintechs can scale across North Africa,” an investor with exposure to the sector told Sifted. “Whichever companies get it right here are likely to win big across the region.”
Public Sentiment: Hope Tempered by Skepticism
News of Revolut’s potential entry has sparked lively debate online, revealing a mix of excitement and deep-seated skepticism.
Many users expressed frustration with the current financial system, with one commenting, “Guys suffered for years with payment gateways I wish they can solve the problem.” Another highlighted a key potential benefit: “Easier to send money out of Morocco, which has always been difficult.”
However, this optimism is heavily tempered by realism about Morocco’s regulatory environment. One top commenter drew parallels to Uber’s earlier struggles to adapt to local laws.
Others pointed to practical limitations, noting that Revolut would not be able to change the fundamental rules set by the Office des Changes. “Revolut will just bring lower fees,” predicted one user, suggesting the competition would centre on cost and user experience within existing regulatory confines. “We have a monopoly in the banking system. Send money from your phone free of charge? No way.” Another added.
The discussion also revealed concerns about Revolut’s own global reputation, with users referencing online complaints about account freezes — a common critique of many digital banks. Others warned of scammers already exploiting the news, running fake social media ads claiming to offer Revolut services prematurely.
A Battle of Expectations
Revolut’s play is clear: to capture a share of the substantial remittance corridor from Morocco’s diaspora, estimated at over five million people, by leveraging its core offerings of low-fee international transfers, multi-currency accounts, and a mobile-first experience.
Yet, its potential impact appears constrained from the outset. The consensus among observers and the public is that Revolut will not revolutionise Moroccan finance but may force existing players to compete more aggressively on digital services and fees. The real battle will be fought not in a regulatory grey area, but within the strict confines set by Bank Al-Maghrib and the Office des Changes.
The question is no longer if a global fintech can enter Morocco, but what kind of compromise it must make to operate there.