CashPlus, one of Morocco’s biggest financial services companies, has received the green light to launch an initial public offering (IPO) on the Casablanca Stock Exchange in November 2025. The company aims to raise 750 million dirhams (around $82 million) through the sale of new and existing shares, marking the first listing from Morocco’s non-bank financial sector. The move comes as Morocco works to expand its capital markets and attract more investors, with the proceeds set to fund CashPlus’ growth plans in digital finance and nationwide expansion.
A Landmark Step for Morocco’s Capital Market
The CashPlus IPO represents the second listing on the Casablanca Stock Exchange in 2025 and a turning point for the country’s non-bank financial sector. The offering, priced at 200 dirhams per share, includes 3.8 million shares representing 15.5 percent of the company’s capital. Of this, 2 million new shares will be issued to raise fresh capital while 1.8 million existing shares will be sold by current shareholders.
The share allocation is structured to reach multiple investor categories. Institutional and large private investors will take up 56.6 percent of the shares, the general public will access 38 percent with no minimum purchase requirement and employees will receive 5.33 percent at a discounted rate of 160 dirhams per share.
This public offering signals renewed investor confidence as Morocco’s main stock index, MASI, has already grown by about 33 percent this year. The IPO also supports the government’s goal to increase the number of listed companies from 78 to 300 by 2035, part of a broader plan to strengthen liquidity and capital access.
CFG Bank and Valoris Corporate Finance are serving as financial advisor and general coordinator for the transaction, reflecting its strategic importance to both the company and the exchange.
Driving Inclusive Growth through a Phygital Model
Founded in 2004, CashPlus has grown into one of Morocco’s leading financial services providers with a strong focus on accessibility and innovation. Its services include money transfers, bill and tax payments, currency exchange, parcel delivery and e-commerce support. The company operates a nationwide network of about 5,000 branches, with almost a quarter located in rural areas. This presence allows it to serve communities often left out of traditional financial systems while also supporting Morocco’s wider financial inclusion agenda.
CashPlus combines this physical presence with strong digital capability through its mobile application, which currently serves around two million users. This hybrid or model is the foundation of its strategy to make digital financial services available to every citizen, regardless of location.
Nabil Amar, Chairman of the Board of CashPlus, described the IPO as a historic and natural step in the company’s growth journey. He said the company wants to involve all Moroccans in what he called “a national adventure of inclusive digitalization.” Amar added that the company’s ambition is to develop an integrated fintech model built on trust, proximity and inclusion.
He also said the company’s strength lies in its hybrid model, which is both robust and profitable because of its extensive branch network and use of technology. Amar noted that this combination of physical and digital services has allowed CashPlus to build a resilient business that meets customer needs effectively while driving digital transformation across Morocco.
Strong Financial Growth and Expansion Plans
CashPlus has shown consistent financial growth in recent years. In 2024, the company recorded a net profit of 196 million dirhams, marking a 28 percent increase from the previous year. In the first half of 2025, profits rose 43 percent to reach 127 million dirhams. The company expects to close 2025 with a net profit of 237 million dirhams and projects to reach 397 million dirhams by 2030.
To reward investors and build confidence, CashPlus has committed to distributing an average of 85 percent of its annual net profits as dividends between 2026 and 2030.
The proceeds from the IPO will be used to fund expansion plans that focus on two main areas. First, the company will increase its branch network, particularly in major cities and form new partnerships with retail brands and shopping centers. Second, it will accelerate the development of its digital ecosystem, including an enhanced mobile application with a comprehensive e-wallet function. These investments are expected to boost service accessibility, enhance efficiency and improve customer experience.
The IPO follows a successful 2023 funding round in which CashPlus raised $62 million from a consortium of international investors. The group included the International Finance Corporation, Mediterrania Capital Partners and the Dutch development bank FMO. This investment round strengthened the company’s financial foundation and highlighted the confidence of institutional investors in its growth model.
Before the IPO, the company was primarily owned by the Ammar and Tazi families, each holding about 38.2 percent and Mediterrania Capital Partners with 19.5 percent.
Shaping the Future of Financial Services in Morocco
CashPlus operates in a market valued at more than 140 billion dirhams annually, composed of 100 billion dirhams in remittances from Moroccans living abroad and 40 billion dirhams in domestic transfers. By combining its large physical footprint with advanced digital tools, the company is well positioned to capture a greater share of this expanding market.
In addition to its core financial services, CashPlus also runs a venture fund dedicated to supporting local entrepreneurship. The fund has already invested over 12 million dirhams in Moroccan startups and aims to increase that amount to 50 million dirhams in the coming years. This effort reflects the company’s long-term commitment to supporting innovation and building a stronger digital economy.
As Morocco continues to modernize its financial system and expand its capital markets, the CashPlus IPO sends a strong signal about the country’s investment potential and the strength of its fintech sector. The listing not only enhances the Casablanca Stock Exchange’s profile but also reinforces Morocco’s progress toward a more inclusive and technologically driven economy.
