Moroccan fintech company Cash Plus has launched instant bank transfers on its mobile application, a move aimed at solidifying its position as a comprehensive financial services provider in the kingdom. The company described the feature as a “key milestone” in its strategy to build a complete financial ecosystem for its growing user base.
Quick Facts
- New feature adds instant bank transfers
- Serves over 4 million mobile users
- First non-bank institution on Casablanca Stock Exchange
Building a Financial Super App
The new transfer feature reflects the company’s broader mission to become an essential part of its users’ daily financial lives.
“The launch of this new feature reflects the company’s commitment to delivering on our promise: simplifying access to financial services and providing useful, fast, and accessible solutions at all times,” said Nabil Amar, CEO of Cash Plus.
Amar added that the ambition is to make Cash Plus Mobile a “true everyday financial cooperation.”
The company supports its digital offering with a significant physical footprint, boasting a network of 5,400 branches across Morocco, with 23% located in rural areas. Additionally, its QR Code payment system is accepted by over 46,000 partner retailers.
From IPO to Product Expansion
This product update follows a major financial milestone for Cash Plus. Last year, it became Morocco’s first non-bank institution to be listed on the Casablanca Stock Exchange, signaling strong market confidence and providing capital for further expansion.
The initial public offering was valued at MAD 750 million ($75 million), with a share price set at MAD 200 ($20).
“We set the price… after an independent valuation of our current fundamentals,” Amar noted in a previous interview. “It is a premoney valuation, which means it does not include the future upside of the projects we will launch after the capital increase.”
Projecting Strong Growth
Cash Plus has backed its strategic moves with strong financial projections. The company’s net banking product is forecast to grow from MAD 440 million ($44 million) in 2022 to an estimated MAD 879 million ($87.9 million) in 2025, marking an annual growth rate of over 25%.
During the same period, operating results are expected to climb from MAD 213 million ($21.3 million) to MAD 415 million ($41.5 million), while net profit is projected to rise from MAD 121 million ($12.1 million) to MAD 237 million ($23.7 million).
About Cash Plus
Cash Plus is a Moroccan fintech company that provides a wide range of financial services through its mobile application and an extensive network of physical branches. With over 4 million users, it was the first non-bank institution in Morocco to list on the Casablanca Stock Exchange.
Source: Morocco World News
