Revolut is exploring opportunities to enter the Moroccan market, as confirmed by the Governor of Bank Al-Maghrib, Abdellatif Jouahri, following the third quarterly meeting of the bank’s board.
Jouahri revealed that a delegation from Revolut met with the General Directorate of the Central Bank last June, and the company’s board is expected to visit Rabat next October to present the details of its project.
The Governor emphasized that the granting of any banking license remains conditional on several criteria, including the strength of the industrial project, added value, experience, and the overall balance of the market. He stated, “We cannot allow any new entrant to destabilize the market.”
He clarified that Revolut has not obtained a full banking license in several countries, but rather limited licenses for certain activities, a model that may also be adopted in Morocco, considering the specifics of the national system.
Jouahri noted that the technical discussions with the company included the Moroccan financial system, the regulatory framework in relation to international standards, and anti-money laundering mechanisms. He added that the study of such files does not solely focus on technical and technological aspects but also involves examining the project and its added value to the national economy, in addition to verifying the qualifications of the founders.
