A new heavy hitter is entering the Moroccan fintech landscape, in what feels like the next chapter after Casablanca-based fintech Cash Plus went on a highly successful IPO last year. AfricInvest, through its Financial Inclusion Vehicle (FIVE), recently filed for regulatory approval to acquire joint control of Vantage Payment Systems (VPS), according to a notice from the Moroccan Competition Council.
The deal, if approved, will see AfricInvest share control of the company with its historical shareholder, Equity Invest SA. This transaction marks a significant transition for VPS, which had previously sold a 50% stake to the pan-African fintech Cross Switch in 2023.
A Maturing Market Player
Founded in 2014 by Ali Bettahi, VPS has evolved from a local startup into one of Morocco’s primary licensed payment institutions. Operating under the brands Payzone and Payexpress, the company provides omnichannel payment solutions, including e-commerce gateways and prepaid card management.
The entry of AfricInvest comes on the heels of a high-growth period for VPS. In 2025, the company reported:
- 18 million+ accepted transactions.
- 600+ active merchants supported.
- New strategic integrations with American Express and a deep-tier partnership with Mastercard for tokenization and digital wallets.
AfricInvest’s FIVE is an evergreen fund specifically designed to back “Tier II and III” financial institutions across the continent. Unlike traditional private equity funds with fixed exit horizons, FIVE’s evergreen structure allows for longer-term capital deployment — a model that fits the steady, regulatory-heavy nature of national payment systems.
By acquiring joint control, AfricInvest is positioning itself to capitalize on Morocco’s Digital 2030 strategy, which aims to formalize the digital economy and foster over 1,000 certified startups by the end of the decade.
The Regulatory Hurdle
The Moroccan Competition Council has opened a 10-day window, closing on February 16, 2026, for third parties to submit comments on the proposed concentration. This is a standard procedure under Law №104–12, ensuring that the joint acquisition does not create a dominant market position that stifles local competition.
| Key Entity | Role | Headquarters |
| AfricInvest (FIVE) | Acquirer | Mauritius |
| Equity Invest SA | Historical Shareholder | Casablanca, Morocco |
| Vantage Payment Systems (VPS) | Target | Casablanca, Morocco |
Why This Matters
For the Moroccan ecosystem, the deal is a litmus test for “second-stage” fintech growth. While 2023 was characterized by early-stage partnerships (like the Cross Switch deal), 2026 is seeing the entry of institutional “evergreen” capital. This suggests that Moroccan fintechs are moving beyond the “disruption” phase and into the “infrastructure” phase, where stability and regulatory compliance are as valuable as innovation.
“The partnership with institutional investors allows local fintechs to bridge the gap between niche local expertise and pan-African scale,” says a source familiar with the deal.
The transaction also highlights a potential exit or realignment for Cross Switch, which has spent the last three years integrating its state-of-the-art CS+ platform into the Moroccan market.