BMCE Capital Backs Cash Plus IPO for Growth and High Returns

Rabat – BMCE Capital Global Research has come out strongly in favor of the imminent listing on the Casablanca Stock Exchange of Cash Plus.

The company’s stock has been valued by the research firm at MAD 254, indicating that there is a potential gain of 27% over the IPO offering price, which has been set at MAD 200.

Since the operation has reached MAD 750 million and the subscription period extends from November 19 to 25, the deal is already brewing some interest among domestic investors clamoring for yield and stable investment outlets.

Cash Plus was founded in 2004 and has since transformed from simply a money transfer service provider to an integrated financial services company.

It was licensed as a payment institution in 2019 with supervision by Bank Al-Maghrib and has since expanded its offerings to include various other services such as money transfers, currency exchange services, bill payments, and digital wallets.

Under the guidance of CEO Nabil Amar, the company has managed to create a network that fills the gap that exists between banking and financial needs in Morocco.

The IPO comes as the financial services sector is enjoying the benefits of tailwinds driven by macroeconomic changes.

The remittances sent by Moroccans living abroad are steadily increasing, the tourism sector is recovering, and the digital transformation of financial transactions is changing the way people manage finances.

Cash Plus finds itself at the intersection of such changes and has positioned itself as an important player in Morocco’s financial inclusion drive.

Digital ambitions meet solid fundamentals

Behind Cash Plus’ success lies the company’s digital evolution. In fact, the company already has 1.3 million users through its mobile application, which will serve as the backbone of its “Super App” that integrates all the company’s financial offerings.

Cash Plus has quickly digitalized its operations through its tech arm, Mobilab. Yet it has retained the same accessibility and reliability that have made it a household name.

It may not be classified as fintech, but in reality, Cash Plus pursues the same process that fintech companies use—a technology combined with a wide physical network.

From a financial perspective, the outlook seems promising. The company has projected its net banking income to grow on average by 10.6% from 2025 to 2030 to over MAD 1.5 billion.

For 2025, the revenue is estimated to be MAD 879 million, an increase of 15.7% over the previous year, with an additional 12.3% increase in 2026.

The net profit is also anticipated to touch MAD 237 million in 2025 and MAD 274 million in 2026, maintaining an excellent 27% margin. The efficiency ratio is also set to stay within 47-48%.

The company also has plans to distribute an annual dividend of MAD 8.9 to shareholders starting from 2026 for the 2025 fiscal year.

That’s a yield of 4.4%, which is substantially higher compared to the market average yield of 2.7%. The Cash Plus company has committed to maintaining an 85% payout ratio until 2030.

Strategically, the group seeks to increase its footprint by opening about 100 new outlets annually while encouraging the use of its digital wallet offering.

Additionally, the capital realized by issuing an IPO will further improve its balance sheet position to enable expansion either in Morocco or other countries.

This fundamental picture leads BMCE Capital to assign a higher valuation, estimating a 2025 price-to-earnings ratio of 20.7 times earnings—above most IPOs, yet supported by steady growth, reliable dividends, and the company’s strong position in Morocco’s financial market.