British digital bank Revolut is taking concrete steps to enter the Moroccan market, signaling the growing interest of international fintech players in North Africa. Governor of Bank Al-Maghrib (BAM) Abdellatif Jouahri confirmed that discussions with the company are underway, with its board of directors set to visit Rabat in early October. The move comes as Morocco intensifies work on a digital currency law and evaluates the broader impact of financial technology on its economy.
Early Engagement with the Central Bank
Initial contacts between Revolut and BAM date back to June 2025, when the fintech’s executives met with the central bank’s General Directorate. Jouahri revealed that the upcoming October visit will give Revolut’s board an opportunity to present its projects for the Moroccan market in detail. While Revolut has yet to submit a formal application for a banking license, the exploratory talks highlight its strong interest in establishing operations in Morocco.
Strict Licensing Requirements
Jouahri stressed that Morocco applies rigorous standards to new entrants in the banking sector. Applicants must demonstrate a clear industrial project with tangible added value, provide evidence of financial expertise, and commit to preserving the balance of the local market. He emphasized that BAM will not authorize any player that risks destabilizing Morocco’s financial system, and if a license is granted, it may be limited depending on the project’s scope and relevance to the national context.
Revolut’s Global Track Record
Revolut, headquartered in London, has grown rapidly since its founding in 2015, offering app-based banking and payment services to millions of customers worldwide. The company holds licenses in several jurisdictions, though in many cases authorization was restricted to specific activities. BAM has already compiled a detailed record of Revolut’s international permits, conditions of approval, and the dates they were obtained, which will inform Morocco’s assessment of any future application.
Regulatory and Compliance Discussions
Talks between BAM and Revolut have focused on aligning with Moroccan regulations, prudential standards, and measures against money laundering. Jouahri underlined that the central bank’s review process not only examines the company’s technical capacity but also scrutinizes the background and credibility of its founders. For Revolut, this means demonstrating that its operations will bring real value to Morocco’s economy and comply with international and national best practices.
Digital Currency Legislation in the Works
Alongside discussions with Revolut, BAM is advancing a draft law to regulate digital currencies. Jouahri explained that this legal framework is necessary to monitor financial activities involving digital assets and to protect consumers. Inspired by experiences from other central banks and aligned with G20 recommendations, the proposed legislation has already been submitted to the General Secretariat of the Government.
Balancing Innovation with Stability
BAM has historically taken a cautious stance toward cryptocurrencies, repeatedly warning of their risks. However, the institution is now actively evaluating how digital assets could impact Morocco’s economy, both as transaction currencies and as financial instruments. Jouahri argued that while digital currencies present opportunities, a solid regulatory foundation is essential before Morocco considers launching its own virtual currency or allowing broader adoption.
Revolut’s interest in Morocco highlights the country’s growing role as a hub for financial innovation in Africa. With the central bank balancing the need for innovation with market stability, the coming months will be crucial in determining whether Revolut can secure authorization to operate. For Morocco, the process reflects a broader effort to modernize its financial system, regulate emerging technologies, and cautiously open the door to global digital banking players.