Revolut Morocco delayed: Banks gain crucial time for digital race

Revolut will have to wait before hoping to move forward in Morocco. Abdellatif Jouahri, governor of Bank Al-Maghrib, explained that he received the fintech executives in early June, but made it clear to them that the timing was not favorable.

On Bladi.net : Revolut Morocco rejected Bank Al-Maghrib delays fintech entry

The official response is known: Bank Al-Maghrib has other more urgent matters. The first concerns Moroccan banks established in Europe and their role as intermediaries in MRE transfers. The governor also mentioned international assessments scheduled for year-end, which are mobilizing the central bank.

But this delay has another effect: it gives time to Moroccan banks. Since the first reports about Revolut’s interest in Morocco, the traditional banking sector has known it could face a formidable competitor in payments, transfers, mobile banking and connected customers.

The launch of Simple by Attijariwafa bank illustrates this acceleration. Presented as a Moroccan neobank, the application adopts several features that made new financial players successful: quick account opening, services accessible from mobile, debit card, payments, savings and everyday uses.

Jouhari’s boost to Moroccan banks

In addressing the fintech executives, Jouhari recalled that Revolut was interested in "a category of operations" where "Moroccan players are very, very engaged."

This formula says much about the central bank’s caution. Revolut would not simply propose a modern application. The fintech would enter terrain already strategic for Moroccan banks, particularly around international flows, payments and customers accustomed to digital services.

For Moroccan institutions, the delay granted by Bank Al-Maghrib is therefore precious. It allows them to strengthen their own digital offerings before a global player like Revolut comes knocking again. The governor was moreover clear with his interlocutors: current problems must first be resolved before resuming discussion.

The timeline is therefore very favorable to Moroccan banks. By postponing the matter, Bank Al-Maghrib avoids opening a new front while the Moroccan banking sector is already engaged in an accelerated race toward mobile banking.

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Revolut has not requested authorization, Abdellatif Jouahri insisted. Its executives simply expressed their interest in Morocco. The door is therefore not closed. But by the time of any future meeting, Moroccan banks will have gained time to occupy the field.