Marrakech – Cash Plus, Morocco’s leading independent money transfer and financial services provider, has received approval from the Moroccan Capital Market Authority (AMMC) for its stock market debut. The subscription period will run from November 19 to 25, with shares priced at MAD 200 (approximately $20) each.
The initial public offering (IPO) aims to raise MAD 750 million ($75 million) through a dual transaction combining a capital increase of MAD 400 million ($40 million) and the sale of existing shares worth MAD 350 million ($35 million).
“This operation at the Casablanca Stock Exchange is not an end in itself, but a natural step in an important, sustainable, and transparent growth process,” said Nabil Amar, CEO of Cash Plus, during Friday’s press conference.
The company plans to issue 2 million new shares and sell 1.8 million existing shares. Founded over 20 years ago, Cash Plus has grown from a small network connecting the Moroccan diaspora to a national company that employs more than 1,500 people.
Amar clarified the company’s business model during the presentation. “We are not just a money transfer company, and we are not a banking establishment. We do not provide loans, credit, or savings products; payment accounts cannot go into overdraft,” he explained.
The fintech company operates nearly 5,000 points of sale throughout Morocco, with 23% located in rural areas. Its mobile application serves about 2 million daily users, while the company reports serving 12 million customers annually.
Cash Plus has presented ambitious financial projections, targeting a consolidated Net Banking Income of MAD 1.457 billion ($145.7 million) by 2030, representing an average annual growth rate of 10.6% between 2025 and 2030.
The company’s net income is expected to reach MAD 397 million ($39.7 million) by 2030, growing at an annual rate of 10.6% from 2025 to 2030. This growth rate, though lower than the 27.5% observed during 2022-2024, reflects the maturation of the business model.
Cash Plus demonstrates solid financial fundamentals with consolidated bank debt of MAD 23 million ($2.3 million) as of June 2025, down 14.4% from the end of 2024. The company has not contracted any private debt over the past three years.
Regarding shareholder returns, Cash Plus intends to distribute between 70% and 100% of its consolidated net income as dividends each year from 2026 to 2030. On average, the company plans to distribute 85% of its consolidated net income.
“We wish to involve all Moroccans, whether they are small shareholders, institutional investors, private investors, or family offices,” stated Amar. “Most importantly, we want to include every Moroccan who has never invested in the Casablanca Stock Exchange in a national venture of inclusive digitalization.”
The company will be listed on the Principal F compartment of the Casablanca Stock Exchange, representing a strategic advancement toward capital market integration and long-term value capitalization within its growth trajectory.
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