Bank Al-Maghrib has delayed any potential entry by British digital bank Revolut, citing three major priorities that currently outweigh consideration of a new foreign banking player.
Speaking after the latest board meeting of Bank Al-Maghrib on Tuesday, Governor Abdellatif Jouahri said ongoing talks with European partners over regulations affecting transfers from Moroccans abroad, a year-end review by the World Bank and the International Monetary Fund, and an upcoming assessment by the Financial Action Task Force are taking priority.
The remarks clarify the status of Revolut’s plans after months of speculation that one of Europe’s largest digital banks was preparing to launch in Morocco.
Jouahri said that he met Revolut executives in early June. The company presented its interest in Morocco, pointing to the country’s economic prospects and its position as a potential gateway to African markets.
However, the governor said the company did not formally request authorization to operate in Morocco. Instead, it used the meeting to explore the regulatory landscape and gauge the Bank Al-Maghrib’s position on a possible future expansion.
That means Revolut is not currently going through any approval process.
Jouahri said Bank Al-Maghrib informed the company that its attention is focused on ongoing regulatory and supervisory work. He added that the Bank Al-Maghrib must complete those projects before turning to applications from new international financial players.
The governor also noted that Revolut’s core business targets a segment where Moroccan banks, payment institutions, and local fintech players are already active.
Jouahri’s comments significantly reset expectations around Revolut’s timeline in Morocco.
For months, reports and industry discussions had suggested that the fintech’s arrival was gaining momentum, fueled by interest in its low-cost international payments, digital-first banking model, and potential appeal among young users and Moroccans living abroad.
According to Jouahri, Revolut’s representatives understood the situation and indicated they would revisit the matter at a later stage, potentially in a few years when the regulatory environment and the Bank Al-Maghrib’s agenda are more favorable.
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