Morocco unlikely to allow entry to UK digital bank Revolut

Morocco does not plan to let UK-based digital lender Revolut enter its banking market, the head of the North African country’s central bank has said.

The services offered by the fintech are already available through Moroccan banks and financial institutions, Asharq Business quoted Bank Al-Maghrib governor Abdellatif Jouahri as saying.

However, the governor clarified that the UK company had not submitted any formal application for a banking licence.

Jouahri, who met Revolut CEO Nik Storonsky earlier this month, said Revolut executives understood the Moroccan position and planned to revisit market-entry opportunities at a later stage.

Attijariwafa Bank, a Moroccan banking group, announced in May the launch of Simple, the country’s first digital bank, Morocco World News reported.

Revolut received so-called stored value facilities and retail payment service licences from the UAE central bank this month, completing a regulatory process that began with in-principle approval in September last year.

Founded in 2015, Revolut serves about 75 million customers worldwide. The fintech has expanded into Mexico, applied for a US banking charter, and explored a $200 billion valuation in a stock market listing, according to the Financial Times.

Further reading:

• Revolut cleared for UAE launch after central bank approval
• Morocco’s trade gap jumps 24% on high oil import bill
• Iran war costing Morocco $330m a month in energy subsidies