Revolut is stepping up its North Africa expansion, naming former Uber Southern and Eastern Europe operations director Amine Berrada to lead its push into Morocco. The move comes as the $45 billion‑valued fintech giant begins building a Casablanca team and prepares to seek a license from Bank Al‑Maghrib.
Morocco is central to Revolut’s MENA strategy, alongside the UAE and Saudi Arabia, driven in part by its 5 million‑strong diaspora, a major remittance corridor the company sees as a gateway for its cross‑border money transfer services.
“We are evaluating the Moroccan market and consider it an attractive market, allowing us to provide unique value to customers in the future. However, we are still in the early stages of the process,” a Revolut spokesperson told Asharq Business.
The challenge will be unseating CASHPLUS, one of Morocco’s largest financial institutions and most aggressive digital transformers. Founded in 2004 as a money transfer operator, it operates 8,000 branches, double its nearest competitor, processes more than MAD 100 billion ($10.75 billion) annually, and in 2024 reported MAD 1.12 billion ($120.4 million) in revenue.
Its M‑Wallet app now serves over 1 million users, supported by a €57 million investment from Mediterrania Capital Partners, FMO, and the IFC. In a pre‑emptive move against foreign entrants, it recently began allowing non‑residents to open accounts with only a passport.
Breaking in will be difficult. Bank Al‑Maghrib has not issued a new foreign banking license in over a decade, slowing entry for players like M‑PESA and Flutterwave. That reality may force Revolut into a partnership model, as Apple Pay did, working through a licensed local bank or white‑labelling its services.
With Morocco hosting the 2025 Africa Cup of Nations and co‑hosting the 2030 FIFA World Cup, demand for digital payments and cross‑border services will surge.
For Revolut, Morocco could be both a lucrative growth market and one of its toughest entry challenges – requiring regulatory navigation, strong local partnerships, and patience in a market where Cash Plus already holds the advantage.
