Latest news with #L'Economiste
Ya Biladi
12-08-2025
- 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.
Morocco World
21-02-2025
- Business
- Morocco World
38% of Moroccans Consume Fish Once Per Week
Doha – A new joint survey by the news outlet L'Economiste and the marketing firm Sunergia reveals that 38% of Moroccans consume fish once per week, while 30% report eating fish multiple times weekly. The study, published today, shows that 19% of respondents consume fish twice monthly, 4% eat fish less than once per month, and another 4% don't consume fish at all. The survey also unearths divided perceptions regarding fish availability in Morocco. While 34% of Moroccans believe fish is becoming more available compared to previous years, 35% report decreased availability. Women in particular note improved availability at 38%. Age-wise, 43% of those aged 55-64 and 39% of 18-24-year-olds report declining availability. Regional differences show that northern and eastern Morocco experience better availability at 42%. Why doesn't Morocco's fish reach Moroccan tables? In a parliamentary session on January 21, Agriculture Minister Ahmed Bouari faced strong criticism over fish prices and availability. The minister attributed declining fish populations to drought conditions, a claim that contrasts sharply with export data. Official statistics show Morocco's fishing sector recorded exports worth MAD 31 billion ($3.1 billion) in 2023, with a harvest of 847,000 tons. The sector invested MAD 930 million in operations and maintains over 126,000 direct jobs. European trade figures further challenge the minister's drought explanation. Morocco dominates EU sardine imports among non-EU countries, commanding 93% of imports. Fish exports to the EU reached €1.61 billion in 2022. Spanish imports alone surged 40% since 2018, increasing from 91.6 million kilograms to 130.3 million kilograms. Meanwhile, domestic consumers face steep prices, with sardines – traditionally considered 'the poor man's fish' – now costing up to MAD 20 ($2) per kilogram in local markets. This comes despite Morocco's advantageous geography with two seas and 3,500 kilometers of coastline. The price disparity between wholesale and retail markets is astronomical, with sardines sometimes selling for MAD 3 per kilogram at wholesale but reaching MAD 20 in retail markets. Market intermediaries, known locally as 'Chnnaqa,' control fish distribution and add unjustified costs at each distribution stage, significantly inflating prices without effective oversight. These middlemen often purchase large quantities from wholesale markets, creating artificial supply shortages and price increases. One parliament member strongly criticized the minister during the session, fuming: 'You've buried the poorest Moroccans with these prices. Have some respect for their intelligence. Shame on you!' This came as red meat prices exceeded MAD 120 ($12) per kilogram, while poultry ranged from MAD 25 to 30 ($2.50 to $3). Read also: Morocco Honored with Fisheries Leadership at Mediterranean Commission Tags: Consumer SurveyFish Market & Consumptionfood prices
