Rabat – Fintech company Cash Plus has announced the launch of instant bank transfers on its mobile application.
The launch of the new feature is a “key milestone” in the application’s development, the company said in a statement, stressing that its goal is to become a complete financial services ecosystem that is accessible to customers.
According to Cash Plus CEO Nabil Amar, the launch of this new feature reflects the company’s commitment to “delivering on our promise: simplifying access to financial services and providing useful, fast, and accessible solutions at all times.”
Amar emphasized that the ambition is to make Cash Plus Mobile a true everyday financial cooperation.
Meanwhile, the Cash Plus statement detailed that the company’s mobile application has over 4 million users and a network of 5m400 branches across Morocco. This includes 23% in rural areas, in addition to QR Code payments accepted by over 46,000 partner retailers.
“Cash Plus continues to develop a model that combines proximity, digital innovation, and active user listening,” noted the statement.
This comes after Cash Plus became last year Morocco’s first non-bank institution to feature on the Casablanca Stock Exchange list.
In an interview with MWN last November, Amar emphasized that this ambition is for a MAD 750 million or $75 million initial public offering.
“We set the price of MAD 200 ($20) after an independent valuation of our current fundamentals,” Amar stated.
“It is a premoney valuation, which means it does not include the future upside of the projects we will launch after the capital increase.”
The company’s net banking product grew from MAD 440 million ($44 million) in 2022 to an estimated MAD 879 million ($87.9 million) in 2025, representing an annual growth rate exceeding 25%.
Operating results increased from MAD 213 million ($21.3 million) in 2022 to MAD 415 million ($41.5 million) in 2025, while net profit rose from MAD 121 million ($12.1 million) to MAD 237 million ($23.7 million) over the same period.