Latest news with #British-Russian
Ya Biladi
7 days ago
- Business
- Ya Biladi
Revolut seeks regulatory approval from Morocco's Central Bank
Revolut is making its move in Morocco. After appointing a head of operations to lead its entry into the Moroccan banking sector, the British neobank has reportedly submitted a request for regulatory approval to Bank Al-Maghrib, 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.
Ya Biladi
11-04-2025
- Business
- Ya Biladi
Neobank Revolut set to enter Morocco, aiming for banking license within two years
Revolut, the British neobank giant, is preparing to enter the Moroccan market. The news was confirmed to Yabiladi by a candidate for a top executive position at Revolut in Morocco. With a fully digital offering and innovative services, Revolut's presence in Morocco will mark a first of its kind in the country's banking system, requiring a banking license to operate in accordance with local banking regulations. «Revolut does not expect to receive a full banking license immediately but plans to obtain one within two years of its establishment in Morocco», the same source told Yabiladi. Revolut has already started recruiting a local CEO and aims to build a «60-member team» in Morocco. «Revolut wants to start with lean operations and gradually build its presence from the ground up», the candidate said. The neobank expects to begin operations as a payment operator and scale up its operations in Morocco until it achieves a full-fledged banking status. «The company plans to analyze the market in the meantime», the source added. However, experts predict that Morocco's strict regulatory framework may necessitate a partnership with a local bank. They also suggest that Revolut's entry could disrupt the ecosystem with its no-fee services and real exchange rates, potentially putting pressure on traditional banks and payment institutions to accelerate their digital transformation. It is worth noting that Revolut has over 40 million users globally and a valuation exceeding 40 billion euros. The neobank offers a fully digital experience designed for smartphones, featuring quick account opening, international fee-free payments, multi-currency cards, trading, crypto, and budgeting tools—appealing to a young, mobile, and connected clientele. It was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko.
