Revolut has appointed former Uber general manager Amine Berrada to lead its expansion into Morocco. This move comes amid the neobank’s efforts to secure full licences in Morocco and South Africa.
In Morocco, Revolut will compete in a banking environment that, while relatively mature, has only recently begun to embrace digital finance.
The dirham’s non-convertible status, coupled with a rigorous licensing process from Bank Al-Maghrib, means Revolut must tailor its signature multi-currency services to fit local financial norms. Still, Morocco presents an attractive launchpad as its proximity to Europe, active diaspora corridors, and nascent digital transformation efforts offer ripe conditions for Revolut’s growth.
Across the continent, in South Africa, Revolut is also making significant moves. The company is reportedly in talks to obtain a full banking licence, which would allow it to operate beyond the limited scope of e-wallet or remittance services.
But entering this market will be no small feat. South Africa’s regulatory landscape includes strict provisions under the Protection of Personal Information Act (POPIA), exchange controls enforced by the South African Reserve Bank (SARB), and complex tax obligations.
The competition is also fierce. South Africa is home to some of the continent’s most established digital banks.
TymeBank, backed by heavy investments and serving over ten million customers, leads a pack that includes Discovery Bank, Bank Zero, and payment infrastructure players like Ozow and Stitch. These incumbents have deep integration with local financial systems and strong consumer trust.
Despite these challenges, Revolut’s actions suggest it views Africa not as an opportunistic stopover but as a strategic frontier. By securing full operating licences and hiring regional leadership, the company is investing in infrastructure and trust. Morocco appears to be the tip of the spear — a testbed for product localisation and regulatory adaptation that could inform broader expansion across North and sub-Saharan Africa.
Ultimately, Revolut’s phased approach — leveraging Morocco for its remittance potential and South Africa for its financial sophistication — could allow it to build a robust African presence.
