Revolut Morocco: Central Bank Caution Over Market Competition

The possible arrival of Revolut in Morocco would not be entering an empty market. Abdellatif Jouahri, Governor of Bank Al-Maghrib, made this clear to the fintech executives when he received them in early June.

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According to the Governor, Revolut came to express its interest in Morocco, particularly because of the country’s growth prospects and its possible role as a gateway to Africa. But Bank Al-Maghrib also examined the nature of the operations targeted by the fintech.

"You are interested in a specific category of operations," explained Abdellatif Jouahri. He immediately reminded them that this clientele was already largely served by Moroccan institutions. "This clientele is a clientele where Moroccan players are very, very engaged."

This statement demonstrates Bank Al-Maghrib’s caution. Revolut would not simply be offering a banking application or digital services. The fintech would be touching a sensitive segment, linked to payments, transfers, and financial operations used by a clientele already followed by Moroccan banks.

The context makes this caution even stronger. Bank Al-Maghrib must already handle the issue of Moroccan banks in Europe, whose role as intermediaries for MREs is weakened by European regulations. Opening a new file with an actor like Revolut at the same time could add an additional difficulty.

Abdellatif Jouahri did not definitively close the door. But he clearly indicated that the central bank had other priorities first. Revolut’s executives apparently understood that this was not a favorable moment and that further discussion could take place later.

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For Bank Al-Maghrib, the Revolut issue is therefore not merely about financial innovation. It also touches on the balance of a market where Moroccan banks are already heavily engaged, particularly with clients concerned by international flows.