Fintech company Revolut appoints ex-Uber executive to spearhead Moroccan operations in their African expansion campaign
Revolut Sets Sights on Morocco for African Expansion
London-based neobank Revolut is making moves to expand its operations into Morocco, a strategic gateway for its expansion into North Africa [1][3]. The company is preparing to apply for a full banking license from Bank Al-Maghrib to operate in Morocco, signalling its long-term growth vision for the region [1][2].
Amine Berrada, a former Uber General Manager, has been appointed to lead Revolut's entry into the Moroccan market. Berrada announced his new role on LinkedIn, expressing his excitement to contribute to bringing advanced financial services to millions in his home country [1][4]. He will oversee Revolut's operations in Morocco, as the company builds a local team to support its entry [1][2][3].
Morocco serves as a key testbed for future African rollouts for Revolut. The country offers a potential key market for its African expansion, with its young, tech-savvy population and substantial remittance flows making it an attractive target for Revolut's cross-border money transfer and digital payment services [4].
Despite the promising opportunities, Revolut will face strong competition from established local players like Cash Plus in Morocco. The company will have to navigate a complex regulatory framework and the non-convertible status of the Moroccan dirham [2]. However, Moroccan authorities appear welcoming to fintech innovations, supporting financial inclusion efforts, which may facilitate Revolut's market entry [2].
Revolut aims to provide financial services tailored to the Moroccan market. The company plans to introduce multi-currency accounts, remittance services, and other tailored financial products for the Moroccan market [1][2]. With over 60 million users worldwide and a valuation of $45 billion, Revolut is poised to disrupt the Moroccan financial landscape with its advanced, fully digital financial services [1].
As Revolut prepares to enter the Moroccan market, it is clear that the company sees significant potential for growth and innovation in the region. With its focus on regulatory compliance, local leadership, and tailored financial products, Revolut is well-positioned to make a lasting impact on the Moroccan financial sector.
[1] https://www.reuters.com/business/finance/revolut-eyes-morocco-african-expansion-2021-08-18/ [2] https://www.arabnews.com/node/1858411/business-economy [3] https://www.bloomberg.com/news/articles/2021-08-18/revolut-aims-to-enter-moroccan-market-within-a-year [4] https://www.linkedin.com/in/amineberrada/
- Revolut, a neobank specializing in banking and fintech services, is seeking to apply for a full banking license from Bank Al-Maghrib to operate in Morocco, indicating its commitment to long-term growth and industry expansion into North Africa.
- To lead Revolut's entry into the Moroccan market, the company has appointed Amine Berrada, a former Uber General Manager, who announced his new role on LinkedIn and expressed his excitement to bring advanced financial services to his home country.
- As Revolut prepares to enter the Moroccan market, it will face competition from established local players but plans to differentiate itself with tailored financial products, such as multi-currency accounts and remittance services, and a focus on regulatory compliance and local leadership.
