Revolut Targets Morocco for MENA Expansion, Faces Tough Competition from Local Leader Cash Plus
Revolut, the European fintech giant, is advancing its expansion into North Africa by appointing former Uber executive Amine Berrada to lead its efforts in Morocco. This move positions the company to challenge local competitors in a market that is gaining significant global attention ahead of major international sporting events.
With a customer base of 60 million and a recent valuation of approximately $45 billion, Revolut has already started building a team in Casablanca. Berrada, who previously held the role of operations director for Southern and Eastern Europe at Uber, will be responsible for overseeing the company’s strategy and operations as it prepares to apply for a license from Morocco’s central bank, Bank Al-Maghrib.
A spokesperson for Revolut confirmed the company’s interest in the Moroccan market in an email to Asharq Business, stating, “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.”
Morocco is a key focus for Revolut’s expansion in the Middle East and North Africa (MENA) region, alongside the UAE and Saudi Arabia. A major factor in the company’s interest is Morocco’s large diaspora, estimated at over 5 million people, creating a significant remittance corridor that Revolut aims to leverage through its cross-border money transfer services.
Revolut’s planned entry into Morocco’s financial services market will face significant competition. The country’s financial landscape is largely controlled by Cash Plus, a dominant local player that has aggressively expanded its digital offerings.
Founded in 2004 as a money transfer operator, Cash Plus has grown into one of the largest financial institutions in Morocco. The company boasts a vast network of 8,000 branches, double that of its nearest competitor, and offers over 100 services, including bill payments and digital wallets. In 2024, Cash Plus processed more than MAD 100 billion (approximately $10.75 billion) in transactions and reported revenues of MAD 1.12 billion ($120.4 million).
Despite its extensive physical presence, Cash Plus is undergoing a significant digital transformation, supported by a €57 million investment from Mediterrania Capital Partners, FMO, and the IFC. Its M-Wallet app now serves over 1 million users, and the company is positioning itself as a “digital bank in all but name.”
In a move that seems designed to preempt competition from foreign players, Cash Plus recently announced that non-residents can now open accounts with just a valid passport.
“Morocco is on the global radar, and fintech is no exception,” said Nabil Amar, Chair of the Cash Plus Board. “We are building infrastructure that can support both local users and international entrants — with or without a bank account.”
However, breaking into Morocco’s tightly regulated financial sector presents a formidable challenge. The central bank, Bank Al-Maghrib, is known for its cautious, risk-averse approach to licensing new players, prioritizing financial stability over rapid innovation.
“No new foreign banking licenses have been issued in over a decade,” said a source familiar with the regulatory landscape, speaking anonymously due to the sensitive nature of the issue.
This cautious approach has frustrated international companies. Kenyan mobile money giant M-PESA and Nigerian fintech unicorn Flutterwave have reportedly struggled to gain access to the market. Experts suggest that Revolut may have to adopt a strategy similar to Apple Pay, which entered Morocco through a partnership with a local bank.
“A white-label model or offering premium services through an existing local player may be Revolut’s best short-term option,” said a fintech consultant based in Rabat.
The competitive pressure is set to intensify as Morocco prepares to co-host the 2030 FIFA World Cup and host the 2025 Africa Cup of Nations. These major events are expected to draw millions of visitors, driving up demand for digital payments, e-commerce, and seamless cross-border financial services.
This digital boom makes Morocco a critical test market for financial technology in the region.
“In many ways, Morocco is a test case for how fintechs can scale across North Africa,” said an investor with exposure to the sector. “The companies that succeed here are likely to dominate the region.”
With its vast local network and new capital, Cash Plus is confident in its ability to protect its market share while thriving as global competitors arrive. For Revolut, entering Morocco will likely require navigating complex regulations and forming local partnerships, as much as leveraging its technological expertise.
