Revolut seeks regulatory approval from Morocco's Central Bank
According to L'Economiste on Tuesday, Revolut «has undertaken all necessary steps, including submitting a request for regulatory approval to Bank Al-Maghrib», to secure its entry into the country and launch its activities.
While awaiting a response from the Moroccan central bank, the fintech giant, which claims a global user base of 60 million, will continue its recruitment drive to support operations in Morocco.
In July, Revolut appointed its first executive to lead its Moroccan operations: Amine Berrada, former operations director for Uber in Southern and Eastern Europe. He is tasked with steering Revolut's strategic direction and growth in Morocco. «I'm thrilled to contribute to launching and scaling its presence in Morocco (…) helping bring cutting-edge financial services to millions of Moroccans», he wrote on LinkedIn.
This development confirms information reported by Yabiladi last April, which revealed Revolut's plans for a phased entry into Morocco, beginning as a payment operator with ambitions to obtain a full banking license within two years. Indeed, this latest move is not directly related to obtaining a full-fledged banking license in the country. If granted, this approval will give Revolut the green light to start operations in a limited financial services capacity under Moroccan law.
Revolut, with a valuation exceeding €40 billion, offers a fully digital, smartphone-based experience, featuring quick account opening, fee-free international payments, multi-currency cards, trading, cryptocurrency services, and budgeting tools, appealing to a young, mobile, and connected clientele. Founded in July 2015 by British-Russian entrepreneur Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko, Revolut has grown into one of the most prominent players in global fintech.
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