In a significant milestone for Morocco’s fintech sector, Cash Plus has successfully completed its initial public offering on the Casablanca Stock Exchange, raising MAD 750 million (approximately $75 million). The offering attracted overwhelming investor demand, with 81,466 subscribers leading to the IPO being oversubscribed 65 times, signaling strong confidence in the company’s growth trajectory and the burgeoning Moroccan capital market.
IPO Details and Investor Frenzy
The landmark listing, Morocco’s first from a fintech company, was structured to include a MAD 400 million ($40 million) capital increase and a MAD 350 million ($35 million) divestment of existing shares. The company offered 3.8 million shares at a price of MAD 200 ($20) each, with trading set to begin on December 8. This public float will represent 15.5% of the company’s total capital.
The offering was divided into three tranches to cater to different investor profiles. An institutional tranche of MAD 425 million ($42.5 million) was met with strong interest, alongside a retail tranche of MAD 285 million ($28.5 million) and an employee allocation of MAD 40 million ($4 million) offered at a discounted price.
A Strategic Push for Financial Inclusion
Founded in 2004, Cash Plus has built a robust network of 4,909 agencies across 119 localities, strategically serving unbanked and underbanked populations throughout Morocco. The company’s business is split between financial services, which account for 68% of revenues through money transfers and payment accounts, and proximity services like bill payments and logistics, which contribute the remaining third.
The company’s digital strategy is already showing significant results, with nearly 4 million payment accounts managed through its mobile wallet system and 1.3 million users active on its digital platform.
Future Growth and Digital Transformation
The capital raised from the IPO will fuel an aggressive expansion strategy, with Cash Plus aiming to grow its agency network to 7,800 locations by 2030. Management projects an impressive annual revenue growth rate of 14.2% through 2030, targeting MAD 3.5 billion ($350 million).
This growth will be driven by a continued digital transformation centered on enhancing its comprehensive fintech platform and accelerating the adoption of its mobile wallet services. The company also maintains an attractive dividend policy, planning to distribute 85% of net profits, which offers a projected yield above 5% annually for its new investors.
Bolstering Morocco’s Capital Market
The success of the Cash Plus IPO reflects a growing appetite for Moroccan equities. The Casablanca Stock Exchange’s MASI index has surged 74% since early 2023, and recent listings have seen unprecedented retail participation. Total market fundraising reached MAD 3.4 billion ($340 million) in 2025, a notable increase from the previous year.
The listing was structured by private equity firm Mediterrania Capital Partners, which has been instrumental in several recent successful IPOs. This event contributes to Morocco’s New Development Model, which aims to increase the number of listed companies on the exchange to 300 by 2035.
About Cash Plus
Cash Plus is a leading Moroccan financial services company founded in 2004. It specializes in providing accessible financial and proximity services, including money transfers, payment solutions, debit cards, currency exchange, and bill payments. With a vast network of agencies and a growing digital footprint, Cash Plus is dedicated to enhancing financial inclusion across Morocco, particularly for unbanked populations.
Source: Morocco World News
