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Marrakech – Cash Plus prepares to make history as Morocco’s first non-bank financial institution to list on the Casablanca Stock Exchange, with an ambitious MAD 750 million ($75 million) initial public offering set to launch later this month.
The fintech company, which serves 2 million account holders across Morocco, will offer shares at MAD 200 ($20) each in what marks a pivotal moment for the country’s evolving capital markets.
In an exclusive interview with Morocco World News (MWN), Cash Plus CEO Nabil Amar explained the strategic thinking behind the company’s market entry. “We set the price of MAD 200 ($20) after an independent valuation of our current fundamentals,” Amar stated. “It is a premoney valuation, which means it does not include the future upside of the projects we will launch after the capital increase.”
The pricing strategy reflects careful consideration of investor expectations while maintaining room for future growth. “The price is fair for new investors and leaves room for value creation,” Amar stressed. “It reflects the solid performance of a company that already serves 2 million account holders who use Cash Plus to receive salaries, social aid, and family allowances.”
The IPO structure combines MAD 400 million ($40 million) in capital increase with MAD 350 million ($35 million) in share sales by existing shareholders. The offering will float 3.8 million shares, representing a 15.5% stake in the company.
Post-IPO ownership will see the Tazi and Amar families each holding 35% of the capital, while Mediterrania Capital Partners retains 15.5% and the public float reaches 14%.
Amar outlined three key strategic objectives for the raised capital. “Becoming a public company is a major milestone for us,” he told MWN. “The IPO will allow us to grow faster in three areas: digital expansion, network strengthening, and better accessibility.”
The company plans to invest heavily in its mobile app, payment features, and artificial intelligence-driven services for its existing user base.
Rural outreach remains central to Cash Plus
Network expansion remains a priority, with Cash Plus targeting rural and semi-urban areas where many clients reside. The company currently operates 4,600 points of service and projects growth to 7,800 locations by 2030. “More agents and branches, especially in rural and semi-urban areas where many of our clients live,” represents a core growth driver, according to Amar.
The CEO pointed to the company’s commitment to financial inclusion while pursuing profitability. “Our social mission remains central to who we are,” Amar explained. “Most of our impact comes from serving millions of Moroccans who still do not use traditional banking, including the 2 million account holders who depend on Cash Plus for essential income.”
Cash Plus has demonstrated remarkable financial performance in recent years. The company’s net banking product grew from MAD 440 million ($44 million) in 2022 to an estimated MAD 879 million ($87.9 million) in 2025, representing an annual growth rate exceeding 25%.
Operating results increased from MAD 213 million ($21.3 million) in 2022 to MAD 415 million ($41.5 million) in 2025, while net profit rose from MAD 121 million ($12.1 million) to MAD 237 million ($23.7 million) over the same period.
The company’s equity base strengthened significantly during this growth phase. Shareholders’ equity increased from MAD 195 million ($19.5 million) in 2022 to between MAD 370-380 million ($37-38 million) in 2024-2025. Dividend distributions maintained the company’s generous payout policy, rising from MAD 107 million ($10.7 million) in 2022 to projected MAD 218 million ($21.8 million) for 2025.
Looking ahead, the company projects sustained growth through 2030. The business plan forecasts net banking product reaching MAD 1.46 billion ($146 million) by 2030, representing an annual growth rate of 10.6%.
Operating results are expected to reach MAD 696 million ($69.6 million) by 2030, while net profit is expected to reach MAD 397 million ($39.7 million) by 2030, maintaining a stable margin of approximately 27% of revenues.
Digital transformation represents a crucial element of Cash Plus’s strategy. “Our goal is to make Cash Plus the everyday financial platform for all Moroccans,” Amar told MWN.
The company aims to increase mobile payment adoption and reduce dependence on cash transactions through its expanding digital services portfolio. The Cash Plus Mobile application already serves 1.3 million users and forms the foundation for the planned Super App development.
Revenue diversification has strengthened the company’s business model. Transfer services, which represented 73% of revenues in 2022, now account for 52% of total income. This shift reflects the success of the company’s strategy to expand beyond its original money transfer focus into broader financial services.
Market momentum strengthens Cash Plus’s IPO appeal
The IPO comes amid favorable market conditions for Moroccan financial services. Transfer receipts from Moroccans residing abroad continue to grow, while tourism recovery and accelerated digitalization of financial services create supportive trends for payment service providers.
In pure numbers, Moroccans abroad sent a record MAD 119 billion ($11.9 billion) in remittances in 2024, while 16.6 million tourists visited the country by October, placing Morocco 13th worldwide. Together, these indicators create strong tailwinds for Cash Plus’s core operations.
Commission revenues are projected to represent 68% of net banking product in 2024, declining to 56% by 2030 as digital services gain prominence.
The company’s comprehensive service portfolio extends beyond financial services. Through its Chancel brand, Cash Plus operates national and international messaging services, partnering with established players like DHL and FedEx.
The network also facilitates corporate cash collection, insurance claim payments, and subscription services for companies like beIN Sports, demonstrating the platform’s versatility.
BMCE Capital Global Research issued a positive recommendation for the IPO, valuing shares at MAD 254 ($25.4), representing 27% upside potential from the offering price. The research firm noted the company’s attractive dividend policy, with dividends expected to yield 4.4% based on the IPO price, significantly above the market average of 2.7%.
Cash Plus plans to distribute 85% of net profits as dividends through 2030, providing investors with steady income returns. The dividend yield is projected to exceed 5% starting in 2026, reaching 6.7% by 2030 according to company forecasts. This distribution policy targets MAD 307 million ($30.7 million) in dividends by 2030.
The subscription period runs from November 19-25, with share allocation on November 28 and first trading scheduled for December 8.
The offering is structured in three tranches: institutional investors and high-net-worth individuals purchasing minimum 15,000 shares receive MAD 425 million ($42.5 million) allocation representing 55% of the offering, general public investors get MAD 300 million ($30 million) representing 40% with no minimum requirements, and company employees receive MAD 40 million ($4 million) representing 5% at a discounted price of MAD 160 ($16).
Hybrid network model drives scalable nationwide expansion
Addressing fee concerns that affect daily users, Amar promised improvements following the capital injection. “With the IPO, we want to make digital cheaper than cash,” he explained to MWN. “More free services, lower digital fees, better pricing for people who pay electronically, and affordable acceptance tools for merchants.”
The CEO identified digital payments adoption as Morocco’s primary financial sector challenge. “Today, most of our 2 million account holders still use their accounts mainly for cash-out,” Amar noted. “The real challenge in Morocco is to finally make digital payments work at scale.” Cash Plus aims to address this by equipping customers with payment tools, including cards and QR codes, while providing merchants with acceptance terminals.
International expansion opportunities remain under consideration. “We are exploring collaborations in micro-credit and nano-loans adapted to low-income households, savings and budgeting tools embedded in the app, cross-border payments with global players, and merchant solutions that support small businesses,” Amar revealed. These partnerships will be announced progressively following the IPO.
The company’s hybrid model combines physical network presence with digital capabilities. Cash Plus operates through 650 owned branches employing over 1,200 staff members, plus 4,250 franchised locations.
The network includes strong rural coverage with 1,100 agencies serving underbanked populations, supplemented by 2,100 “Khadamat” partners utilizing Cash Plus technology across 178 localities.
Cash Plus’s 20-year development journey began in 2004 with a small money transfer network partnering exclusively with Western Union. The company expanded its service portfolio from five offerings in 2014 to over 150 today.
The 2019 payment institution license from Bank Al-Maghrib marked a turning point, enabling the company to participate in major social inclusion programs, including Tadamon Covid assistance, CISM, Tayssir school allowances, and the national social aid program serving over 1.5 million families.
In a first-of-its-kind move in Morocco, Cash Plus and PayPal have launched instant digital PayPal withdrawals in MAD in September, eliminating branch visits and giving freelancers and creators immediate access to earnings – strengthening the country’s fast-growing digital economy and positioning Cash Plus as a key enabler.
Financial projections indicate continued margin stability despite expansion costs. The operating coefficient is expected to remain around 52% through 2030, demonstrating effective cost control as the network grows. The coefficient of exploitation maintains approximately 47-48% of net banking product, reflecting operational efficiency gains from the franchise model’s scalability.
Risk costs have fallen to minimal levels from 2025 onward, reflecting improved operational risk management through prepayment systems for franchisees and positive balance requirements. This risk management approach virtually eliminates doubtful debts, an exceptional achievement for a network of this scale.
Valuation metrics position Cash Plus attractively for investors
Cash Plus’s IPO represents broader capital market development in Morocco. The listing follows successful recent IPOs, including Akdital in 2022, which achieved 3.77 times oversubscription, and Groupe Vicenne in 2025, with the latter achieving 64 times oversubscription.
The Moroccan All Shares Index (MASI) has strengthened by over 30% in the past 12 months, reflecting growing investor confidence in the exchange’s modernization efforts.
The company’s valuation metrics appear attractive compared to market standards. The implied price-to-earnings ratio of approximately 20 times 2024 results, specifically 16.5 times 2026 projections compared to market averages of 21-22 times, indicates a notable discount.
The ratio declines to 10 times projected 2030 earnings, indicating a measured valuation based on cash flow visibility rather than speculative premiums. Post-IPO market capitalization is expected to reach MAD 4 billion ($400 million).
At Bank Al-Maghrib and the Moroccan Capital Market Authority’s (AMMC) request, the Tazi and Amar families committed to maintaining their shareholdings for seven years from the IPO date. This governance commitment provides stability and demonstrates long-term dedication to executing the presented business plan. Any revision requires prior approval from Bank Al-Maghrib.
As Morocco prepares for the 2030 World Cup with major infrastructure investments, Cash Plus positions itself to benefit from increased economic activity and continued financial sector modernization.
The company’s established customer base, regulatory compliance, and strategic focus on underserved populations provide a foundation for sustained growth in Morocco’s evolving digital economy.
The IPO marks Cash Plus’s transition from growth-focused expansion to mature, dividend-paying status while maintaining development momentum.
The company’s unique position between traditional banks and pure fintechs creates a new market segment of organized proximity finance, offering investors exposure to Morocco’s financial inclusion story through a regulated, profitable, and accessible platform.
