Revolut Morocco rejected Bank Al-Maghrib delays fintech entry

Revolut will have to wait before its application moves forward in Morocco. Abdellatif Jouahri, governor of Bank Al-Maghrib, confirmed meeting with the fintech executives in early June, accompanied by a Moroccan representative.

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The group came to express its interest in the Moroccan market. According to the governor, Revolut sees growth prospects in the kingdom, as well as a possible platform toward the African continent. "I understand why you are interested in Morocco," Abdellatif Jouahri replied to them.

But Bank Al-Maghrib did not follow up at this stage. The governor explained to his interlocutors that the central bank currently had several priority files to handle before examining their interest in Morocco more favorably.

The first concerns the problem of Moroccan banks established in Europe, whose role as intermediaries for MREs is weakened by a new European regulation. The second concerns an evaluation by the World Bank and the International Monetary Fund scheduled for the end of the year.

These projects are keeping Bank Al-Maghrib busy and make the timeline unfavorable for Revolut. The fintech executives reportedly acknowledged the situation. "Yes, we understand that this is not the right time," they replied, according to Abdellatif Jouahri.

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The governor asked them to come back later, once the priority files are settled. "We’ll see each other in a few years," Abdellatif Jouahri summed up. The door is therefore not permanently closed, but Bank Al-Maghrib is clearly postponing the matter.