CashPlus, a prominent Moroccan financial services company, has received approval for its initial public offering (IPO) on the Casablanca Stock Exchange, with plans to raise 750m dirhams (approximately $82m).
The move marks the first-ever listing from Morocco’s non-banking financial services sector and is only the second IPO on the exchange in 2025. It comes as the North African kingdom is actively working to deepen its capital markets.
The IPO Details
The offering, priced at 200 dirhams (approx. $22) per share, consists of 3.8m shares, which will represent a 15.5% stake in the company.
The 750m dirham ($82m) raise is a mix of new capital and existing shares:
- 2m new shares will be issued through a capital increase, injecting funds directly into the company.
- 1.8m existing shares will be sold by current shareholders.
The subscription period is set for November 19 to 25.
The shares are allocated across different tranches:
- 56.6% is reserved for institutional investors and large private investors (with a minimum subscription of 15,000 shares).
- 38% is allocated to the general public with no minimum requirement.
- 5.33% is set aside for company employees at a discounted price of 160 dirhams (approx. $17.50) per share.
Why It Matters
The CashPlus listing is a significant step for the Casablanca Stock Exchange, which has seen limited activity. The only other IPO this year was the medical equipment company Visine in July.
The listing supports a broader government ambition to expand the exchange from its current 78 listed companies to 300 by 2035. The timing is favourable, as the Casablanca Stock Exchange’s main index (MASI) has seen gains of approximately 33% year-to-date.
CFG Bank is acting as the financial advisor and general coordinator for the transaction, alongside Valoris Corporate Finance.
A “Phygital” Fintech Model
Founded in 2004, CashPlus has grown into one of Morocco’s largest non-bank financial institutions. While its core business is money transfers, its services also include bill and tax payments, currency exchange, parcel delivery, and e-commerce support.
It operates a large physical network of approximately 5,000 branches, with 23% of them located in rural areas — a key part of its “inclusive” strategy.
Nabil Amar, Chairman of the Board of CashPlus, described the IPO as a “historic moment” and a “natural step” in the company’s growth.
“We wish to involve all Moroccans… in a national adventure which is that of inclusive digitalization,” Amar said at the announcement. “Our ambition is clear. We want to develop in Morocco an integrated fintech model based on trust, proximity to the citizen, and inclusion.”
Amar stressed that the company’s strength lies in its hybrid model. “This economic model that we have created is robust, resilient, [and] profitable thanks to its branch network, and of course, thanks to its technology,” he said, noting the company’s mobile app has 2m users.
The Numbers
CashPlus has demonstrated strong recent growth.
- 2024: The company posted a net profit of 196m dirhams (approx. $21.4m), a 28% increase year-on-year.
- H1 2025: Net profit jumped 43% to 127m dirhams (approx. $13.9m).
- Full-Year 2025 Projection: The company expects to end the year with 237m dirhams (approx. $25.9m) in profit.
- 2030 Target: It is projecting profits to reach 397m dirhams (approx. $43.4m) by the end of the decade.
To attract investors, the company plans to distribute an average of 85% of its net profits as dividends annually from 2026 through 2030.
Use of Proceeds
The capital raised from the new shares will be used to finance expansion. The company plans to:
Expand its branch network, particularly in major cities and through new partnerships with retail brands and shopping centres.
Accelerate digital development of its comprehensive application, which includes an e-wallet.
Backers and Market Share
The IPO follows a significant 2023 funding round where CashPlus sold a minority stake for $62m to a consortium of investors, including the International Finance Corporation (IFC), private equity firm Mediterrania Capital Partners (MCP), and the Dutch development bank FMO.
Pre-IPO, the company was primarily held by the Ammar and Tazi families (each with ~38.2%) and MCP (19.5%).
CashPlus is competing for a larger share of Morocco’s money transfer market, estimated to be worth over 140B dirhams (approx. $15B) annually. This is composed of 100B dirhams ($10.9B) in remittances from Moroccans abroad and 40B dirhams ($4.1B) in domestic transfers.
The company also operates a venture fund, which has invested over 12m dirhams into startups, with a goal to increase this to 50m dirhams in the coming years.