A few months after showing interest in the Moroccan market, the British digital banking powerhouse Revolut is intensifying its efforts. The fintech behemoth, which now claims a global user base of 60 million, has appointed its inaugural executive to lead its operations in Morocco. This pivotal role has been entrusted to Amine Berrada, the former operations director for Uber in Southern and Eastern Europe. He has been tasked with steering Revolut's strategic direction and growth in Morocco. «Revolut is on a mission to build the world's first truly global financial superapp and I'm thrilled to contribute to launching and scaling its presence in Morocco. I'm especially proud to be doing this for my home country, helping bring cutting-edge financial services to millions of Moroccans», he shared on LinkedIn. This development corroborates information disclosed by Yabiladi last April, which revealed Revolut's plans for a phased entry into Morocco, starting as a payment operator, with ambitions to secure a full banking license within two years. Headquartered in London, the company is eyeing several countries in the MENA region, including the United Arab Emirates and Saudi Arabia. It offers a comprehensive suite of services, from multi-currency exchange to cryptocurrencies, savings, credit, and investments. Revolut continues to evaluate the Moroccan market. «We regard Morocco as an attractive market. However, we are still in the early stages», the company mentioned in a discussion with Asharq Business. With an estimated valuation of $45 billion and substantial financial backing from giants like SoftBank, the neobank aims to establish a foothold in a landscape that remains relatively untapped in terms of fully digital banking services. Moroccan authorities, for their part, are signaling a welcoming stance towards fintech, with hopes of enhancing financial inclusion.
