Beni Mellal – Moroccan payment services group Cash Plus closed fiscal year 2025 with solid across-the-board growth, reporting a net banking income (NBI) of MAD 863 million ($86.3 million), up 14% year-on-year, according to the company’s first financial communication since its stock market debut.
NBI reached MAD 222 million ($22.2 million) in the fourth quarter alone, a 19% increase compared to the same period in 2024. The group’s total processed volume across all activities rose 13% to MAD 130 billion ($13 billion) over the full year.
Cash Plus accelerated its physical expansion during the year, opening 208 new points of sale to bring its total network to 5,200 agencies as of December 31, 2025 – a 12% increase on an annual basis. The company invested MAD 47 million ($4.7 million) to support territorial coverage and upgrade its technological infrastructure.
On the revenue side, consolidated commissions reached MAD 1.21 billion ($121 million) for the full year, up 15%. At the fourth quarter level, commissions stood at MAD 331 million ($33.1 million), rising 20% year-on-year.
More than 10 million clients annually
Money transfer, the group’s core activity, recorded 11% commission growth to reach MAD 940 million ($94 million). This was driven primarily by domestic transfers that gained momentum in the final months of the year.
Payment accounts delivered the strongest performance among business lines, with commissions surging 32% to MAD 275 million ($27.5 million), supported by existing product growth and newly launched offerings. Proximity services generated revenue of MAD 569 million ($56.9 million), up 7%, reflecting sustained client demand.
Cash Plus also expanded its digital payment ecosystem during the year, adding PayPal to its portfolio of payment solutions. The company additionally participated in a government program supporting livestock farmers, handling the distribution of financial aid under the national herd reconstitution plan.
The group’s standalone NBI stood at MAD 693 million ($69.3 million) at year-end.
Cash Plus serves more than 10 million clients annually and operates the largest agency network in Morocco.
The company made its stock market debut on the Casablanca Stock Exchange in November 2025 at MAD 200 per share, raising MAD 750 million ($75 million) through the initial public offering. The 2025 results mark the company’s first earnings report as a publicly listed entity.
