Revolut has submitted an application to Bank Al-Maghrib to launch operations in Morocco, local media publication L’Economiste reported. The filing seeks approval for a limited financial services license that would allow the UK-based fintech to operate as a payment provider in the country.

Two-Stage Entry Plan

The company reportedly intends to start with payment services, including quick account opening, fee-free international transfers, and multi-currency cards. Within two years, Revolut plans to apply for a full banking license to expand its range of financial products.

In July, Revolut appointed Amine Berrada as head of Moroccan operations. Berrada, a former Uber operations director for Southern and Eastern Europe, will lead the market entry and oversee growth.

Morocco’s young and digitally active population is a key target for Revolut’s app-based model. If approved, the company plans to introduce additional features such as crypto trading and budgeting tools.

Expect ongoing updates as this story evolves.

Source: Finance Magnates