• Revolut, valued at about $45 billion, will present its plans in Rabat in October 2025.
• The neobank aims to secure a license from Bank Al-Maghrib, after initial talks in June.
• Morocco, where five banks hold 76% of assets, could see stronger competition.

British digital bank Revolut, valued at about $45 billion, is preparing to enter Morocco’s banking sector. The board is expected in Rabat next month to present its plans and request an operating license from Bank Al-Maghrib, the country’s central bank, according to Governor Abdellatif Jouahri.

Approval will depend on the project’s technical strength, its potential contribution to the Moroccan economy, and the profile of its founders, Jouahri said. In several countries, Revolut has received authorizations limited to certain activities, and Morocco may adopt a similar approach.

Revolut had already held talks with Bank Al-Maghrib in June 2025 to discuss the regulatory framework, the financial system, and anti-money laundering measures. Morocco and South Africa are the first African markets targeted for a direct presence.

In March 2025, the neobank said it was exploring opportunities in South Africa, noting that discussions were still at an early stage. Until now, its African operations have been limited to cross-border transactions via its mobile app.

The move comes as Morocco’s banking sector remains highly concentrated. According to the 2024 annual report of Bank Al-Maghrib, five major banks control 76% of assets, loans, and deposits. The country has 24 banks, including five participative banks, 29 finance companies, and 18 payment institutions.

Banking penetration reached 58% in 2024, up four points from a year earlier. Specialized segments such as consumer credit, leasing, and mobile payments remain dominated by a small number of players.

Revolut’s entry could raise competition, but the bank will need to adapt its services to local market conditions and shifting consumer expectations.