Moroccan fintech leader Cash Plus has officially received approval from the Moroccan Capital Market Authority (AMMC) for its initial public offering (IPO) on the Casablanca Stock Exchange. This strategic move marks a significant milestone for the financial services provider, aiming to bolster its capital and accelerate its long-term growth trajectory within Morocco’s burgeoning digital economy.
The IPO by the Numbers
The public offering is structured as a dual transaction designed to raise a total of MAD 750 million (approximately $75 million). This includes a capital increase of MAD 400 million ($40 million) through the issuance of 2 million new shares, alongside the sale of 1.8 million existing shares valued at MAD 350 million ($35 million). The subscription period for the IPO is set to run from November 19 to 25, with shares priced at MAD 200 (around $20) each. The company will be listed on the Principal F compartment of the exchange, signaling its market maturity.
A Strategy for Sustainable Growth
Nabil Amar, CEO of Cash Plus, emphasized that the IPO is a pivotal step in the company’s evolution. “This operation at the Casablanca Stock Exchange is not an end in itself, but a natural step in an important, sustainable, and transparent growth process,” Amar stated during a press conference. The capital raised will be instrumental in funding the company’s expansion plans and solidifying its market leadership. The company’s business model is distinct, operating as a payment institution without offering loans, credit, or savings products, ensuring that customer accounts cannot go into overdraft.
Financial Outlook and Shareholder Value
Cash Plus presented a robust financial outlook, projecting its consolidated Net Banking Income to reach MAD 1.457 billion ($145.7 million) by 2030, reflecting a compound annual growth rate (CAGR) of 10.6% from 2025. Similarly, net income is forecasted to hit MAD 397 million ($39.7 million) by 2030. The company’s strong financial footing is underscored by its low consolidated bank debt of MAD 23 million ($2.3 million) and having no private debt over the past three years. In a move to attract investors, Cash Plus announced an aggressive dividend policy, intending to distribute between 70% and 100% of its consolidated net income annually from 2026 to 2030.
Championing Financial Inclusion
Founded over two decades ago, Cash Plus has evolved from a network serving the Moroccan diaspora into a national powerhouse for financial services. The company currently operates nearly 5,000 points of sale across Morocco, with a significant 23% located in rural areas, underscoring its commitment to financial inclusion. Serving 12 million customers annually and boasting a mobile application with 2 million daily users, Cash Plus is at the forefront of digital finance in the country. Amar expressed a desire to “involve every Moroccan who has never invested in the Casablanca Stock Exchange in a national venture of inclusive digitalization.”
About Cash Plus
Cash Plus is a leading Moroccan independent money transfer and financial services provider. Established over 20 years ago, the company offers a wide range of payment services through its extensive physical network and digital platforms. With a focus on accessibility and financial inclusion, Cash Plus serves millions of customers across urban and rural communities in Morocco, positioning itself as a key player in the nation’s digital transformation.
Source: Morocco World News
