Revolut Morocco: Why MRE Transfers Come First

The Revolut file arrives at the wrong time for Bank Al-Maghrib. Abdellatif Jouahri, governor of the central bank, explained that the fintech’s interest in Morocco could not be treated favorably before resolving more urgent matters, starting with MRE transfers.

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The first priority cited by the governor concerns Moroccan banks established in Europe. Their role as intermediaries for Moroccans residing abroad is now weakened by European regulations adopted in the post-Brexit context.

"The first thing is that we have this relay problem with Europe," declared Abdellatif Jouahri, explaining his response to Revolut officials. He added that this file was not yet resolved: "That we haven’t finished. And which is substantial."

This passage clarifies Bank Al-Maghrib’s caution toward Revolut. The fintech is interested in services related to payments, transfers, and international financial operations. Yet this terrain directly touches a strategic clientele for Morocco: Moroccans worldwide.

For Abdellatif Jouahri, there is therefore no question of opening a new project while Morocco is already trying to secure the activity of its own banks in Europe. The governor acknowledges that certain problems could be resolved quickly with certain countries, but warns that other discussions could take longer.

"I am not master of time, nor of the timeframes in which we will have to resolve these problems favorably," he stated. Revolut will therefore have to wait for Bank Al-Maghrib to gain clarity on the European file regarding Moroccan banks and MRE transfers.

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This response shows that the Revolut issue is not limited to the possible arrival of a foreign fintech in Morocco. It fits into a broader context: the defense of financial circuits used by MREs and Bank Al-Maghrib’s determination not to weaken an already sensitive file.