Revolut’s Moroccan Expansion: Digital Banking Giant Poised to Disrupt North African Financial Landscape

The neobank is awaiting the response to its regulatory approval application filed with Bank Al-Maghrib to establish itself permanently in the kingdom, according to Challenge, noting that Revolut had appointed Amine Berrada, a former Uber executive, as its country manager in Morocco last July. "I am delighted to contribute to bringing world-class financial services to millions of Moroccans," he said on LinkedIn. Revolut is a 100% digital bank. With nearly 60 million users worldwide and an estimated valuation of 41 billion euros, the British fintech is considered one of the leaders in the international banking sector.

Its arrival in Morocco could boost the digitalization process of the banking sector, which is still in its infancy in the kingdom. "It’s no longer a rumor. Revolut has already launched the process of recruiting a general manager. If its establishment is confirmed, it is likely to disrupt the market with 100% digital services, no account maintenance fees, and an unparalleled mobile experience," warns Adnane Messaoud, a fintech expert, quoted by the magazine. He added: "Local banks will have to accelerate their digitalization, as Revolut represents a serious threat to the payment institutions already present, particularly in international transfers and online payments."

Founded in 2015 in London, Revolut has managed to establish itself in the banking sector in Europe thanks to the speed and simplicity of its services: account opening in a few minutes, international payments without hidden fees, multi-currency card, stock or cryptocurrency investments, and 24/7 online customer support. Its revenue reached 1.8 billion pounds sterling (approximately 2.1 billion euros) in 2023. The fintech recorded a profit of 344 million pounds (over 400 million euros) in 2023, compared to 7 million pounds in 2022.