Revolut Eyes Morocco: Europe’s Biggest Digital Bank Moves For North Africa

Revolut, European fintech, is officially laying the groundwork for a major push into Morocco.

The USD 45 B British neobank, which has built a reputation in Europe for shaking up traditional banking, is now making a calculated push into the continent, and it has tapped Amine Berrada, a former Uber executive for Southern and Eastern Europe, to spearhead its entry strategy.

“I’m especially proud to be doing this for my home country,” Berrada posted on LinkedIn, “helping bring cutting-edge financial services to millions of Moroccans.”

The move signals more than just market expansion. It’s a calculated play to position Revolut at the heart of North Africa’s fintech transformation.

A Strategic Beachhead in Africa

With over 60 million customers in 35+ countries, Revolut is already a global force. But its entry into Morocco could prove pivotal as it targets broader growth across Africa.

Africa is widely seen as the next great frontier for fintech. While financial infrastructure in many countries remains underdeveloped, mobile penetration is high, and digital adoption is accelerating. Add in a young population, a growing middle class, and hundreds of billions in remittance flows, and the opportunity becomes obvious.

With Morocco as one of its entry points to tap into the continent, the company has started building its Moroccan team as it prepares to apply for a license from the central bank, Bank Al-Maghrib.

A spokesperson, cited in regional media coverage, described Morocco as an early-stage but promising opportunity; “We are still in the early stages, but we believe we can offer unique value.”

With an all-in-one app offering which includes savings, deposits, investments, foreign exchange, crypto, and insurance, paired with real exchange rates and zero-fee transfers, Revolut is betting that its streamlined model will resonate in Morocco’s slowly digitising banking landscape.

Why Morocco, and Why Now?

The timing makes sense. Morocco is undergoing a digital shift. Smartphone penetration is high, remittance flows are massive, and the regulatory framework is evolving. The World Bank estimates that over five million Moroccans live abroad, a built-in audience for Revolut’s signature cross-border payments.

That offers an intriguing starting point for its expansion in North Africa. Morocco presents a growing digital population, a relatively stable economy, with a well-regulated but conservative banking system. Though local banks are strong, the sector has been slow to digitise. That leaves a gap that Revolut believes it can fill with its mobile-first, fee-free model.

It also fits with the company’s regional ambitions. Revolut has already flagged Morocco, the UAE, and Saudi Arabia as strategic targets for expansion in the Middle East and North Africa. Its proximity to Europe and strong trade ties further increase its appeal.

Regulatory Realities

None of this will be easy. The Moroccan dirham isn’t fully convertible, and financial regulators in the country maintain strict oversight of foreign players. Moreover, Morocco hasn’t issued a new foreign banking license in over a decade. As one regulatory analyst put it, the bar to entry is deliberately cautious. But Revolut seems ready to play the long game.

To work around this, Revolut may follow a model similar to Apple Pay’s launch in Morocco, where it partnered with CIH Bank to navigate local licensing requirements. Whether Revolut goes solo or teams up locally, its entry will test the flexibility of Morocco’s financial system.

A Parallel Push into South Africa

Morocco isn’t Revolut’s only African ambition. The fintech is also pursuing a full banking license in South Africa, the continent’s most developed financial market.

But this market poses its own hurdles. South Africa’s regulators enforce tight data protection (POPIA), strict exchange controls, and complicated tax rules. Local players like TymeBank, Discovery Bank, and Bank Zero already have scale, credibility, and deep tech integration.

But Revolut appears ready for that challenge, too. Industry watchers say its African moves suggest a long-term commitment, not a quick grab for market share. If successful in both Morocco and South Africa, the company could establish a north-south axis across Africa that forms the backbone of its continental strategy.

A Calculated Expansion Play

Backed by heavyweights like SoftBank and Tiger Global, Revolut has the firepower to go the distance. In 2023 alone, it processed more than USD 1 T in customer transactions and grew revenue by 72% to hit USD 4 B in 2024.

Morocco could be the tip of the spear, a testbed for tailoring products to local norms, currencies, and regulations. If it works, the lessons learned here may pave the way for broader expansion across the Middle East and sub-Saharan Africa.