One of the most prominent fintech firms in Morocco, Cash Plus, is entering a new phase of aggressive expansion — and it’s not just targeting growth at home. The Casablanca-based financial services provider has announced that non-residents can now open accounts using only a valid passport, underscoring its ambition to position itself as a gateway for global users and businesses ahead of two mega sporting events.
The move comes at a time when Morocco is drawing unprecedented international attention — not only from sports fans, but from fintech giants eager to tap into its 37-million-strong population and its emerging status as a regional financial hub for Francophone Africa.
Founded in 2004 as a niche money transfer operator, Cash Plus has grown into one of Morocco’s largest financial institutions, now offering over 100 services including bill payments, logistics, and digital wallets. With a network of 8,000 branches — double that of its closest competitor Wafa Cash — the company processed over MAD 100 billion ($10.75bn) in transactions in 2024 and recorded MAD 1.12 billion ($120.4m) in revenue, 90% of which came from commissions. Its net banking income rose to MAD 562 million ($60.4m), with net profit up 26% to MAD 218.4 million ($23.5m), thanks to tighter cost controls and improved productivity. Cash Plus is targeting 10,000 branches and MAD 2.4 billion ($258m) in revenue by 2027, with an IPO potentially on the horizon under its new “Life Plus” strategic plan.
Despite its wide physical footprint, Cash Plus is not resting on legacy infrastructure. Backed by a €57m investment from Mediterrania Capital Partners, alongside development finance institutions FMO and the IFC, the company is pursuing an ambitious digital transformation strategy. This includes boosting the capabilities of its M-Wallet app, which now serves over 1 million users, and positioning itself as a “digital bank” in all but name.
“Morocco is on the global radar, and fintech is no exception,” said Nabil Amar, Chair of the Cash Plus Board. “We are building infrastructure that can support both local users and international entrants — with or without a bank account.”
Global Eyes on Morocco
The renewed international focus on Morocco is catalyzed not only by its role in co-hosting the 2030 FIFA World Cup with Spain and Portugal, but also by regulatory reforms that are slowly — albeit cautiously — opening the door to foreign fintechs.
Among the most closely watched potential entrants is Revolut, the London-based neobank valued at €41 billion. According to multiple sources familiar with the company’s plans, Revolut has started headhunting for a country CEO in Morocco and conducting internal feasibility studies. Casablanca, the country’s commercial capital, is seen as a launchpad into both North Africa and Francophone West Africa.
But breaking into Morocco’s tightly regulated financial sector is easier said than done. “No new foreign banking license has been issued in over a decade,” said one source who requested anonymity due to the sensitivity of ongoing discussions.
Industry observers suggest that Revolut, like Apple Pay before it, may need to partner with a local bank to gain entry. “A white-label model or premium services through an existing player might be Revolut’s only short-term option,” said one fintech consultant based in Rabat.
Despite Morocco’s appetite for fintech, the central bank (Bank Al-Maghrib) has adopted a slow-and-steady approach to licensing, particularly for models involving crypto, cross-border stock trading, or high-risk lending.
“Morocco is among Africa’s top five fintech markets in terms of potential,” said Andrea Bises, a regulatory expert working with the Gates Foundation’s financial inclusion programs. “But its regulators are risk-averse, and for good reason. Financial stability is a top priority.”
This has led to frustration among some international operators. Kenyan mobile money giant M-PESA and Nigerian fintech Flutterwave have reportedly tried — and struggled — to secure entry into the market.
A Fintech Test Ahead of 2025 and 2030
Morocco’s digital economy is expected to see a sharp acceleration in the run-up to the 2025 Africa Cup of Nations and the 2030 FIFA World Cup. These events are forecast to draw millions of visitors, with a surge in digital transactions, remittances, e-commerce, and cross-border payments.
This impending digital boom in Morocco has intensified the spotlight on local champions like Cash Plus, which is positioning itself not just as a defender of market share but as a regional trailblazer.
“In many ways, Morocco is a test case for how fintechs can scale across North Africa,” said one investor with exposure to the sector. “Whichever companies get it right here are likely to win big across the region.”
With its deep local roots, government distribution contracts, and fresh capital injection, Cash Plus is betting that it will not just survive the arrival of global challengers — it will thrive.