Digital bank Revolut eyes Morocco amid Bank Al-Maghrib caution

Thursday 25 September 2025 - 11:50

By: Dakir Madiha

Digital bank Revolut eyes Morocco amid Bank Al-Maghrib caution

British digital bank Revolut has expressed interest in entering the Moroccan market, a move confirmed by Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri on Tuesday. The announcement followed BAM’s third quarterly board meeting of 2025 in Rabat.

Jouahri revealed that Revolut executives met with BAM’s General Directorate in June, and a visit from the fintech’s board of directors is planned for October to discuss its proposed projects tailored to Morocco.

Strict licensing criteria

Securing a banking license in Morocco involves meeting stringent requirements, Jouahri stressed. Applicants must demonstrate clear added value to the country’s financial ecosystem, technical expertise, and ensure market stability. “We cannot allow a new player to destabilize the market,” he stated.

The governor noted that Revolut’s operations in other countries often come with activity-specific restrictions, and BAM will likely adopt a similar, customized approach to licensing in Morocco.

“When an operator applies for a license, we evaluate its project, technical capacity, and economic contribution, alongside reviewing the founders’ profiles,” Jouahri explained, emphasizing the importance of safeguarding the national financial system.

Focus on compliance and regulation

Discussions between BAM and Revolut also addressed Morocco’s regulatory framework, compliance with international banking standards, and measures to combat money laundering. Revolut, known for its app-based banking services, operates in numerous countries and remains one of the fastest-growing fintech companies globally.

If approved, Revolut’s entry into Morocco would mark a significant step in opening the country’s financial sector to digital-only banks, enhancing competition and innovation.

Paving the way for digital currencies

Jouahri also highlighted the urgent need to advance Morocco’s draft digital currency law. The proposed legislation, submitted to the General Secretariat of the Government, draws on best practices from other central banks and G20 recommendations.

He explained that the law aims to regulate digital assets, promote transparency, and address rising public interest in cryptocurrencies. The framework would ensure a legal foundation for monitoring activities tied to digital currencies and potentially pave the way for introducing a Moroccan virtual currency.

“Digital currencies carry both monetary and financial dimensions. They serve as a means of transaction and as financial assets,” Jouahri said. He stressed that while BAM previously warned about cryptocurrency risks, it is now actively assessing their potential impact on the national economy.

Revolut’s possible entry into Morocco aligns with BAM’s broader efforts to modernize the financial sector and establish a regulatory framework for digital assets, ensuring stability and fostering innovation.