In 2025, everyone was talking about Cash Plus’ IPO. Its success can be summed up in one figure: it was oversubscribed 65 times!

But Cash Plus’ IPO is not only remarkable for its record oversubscription; it is particularly interesting for what it reveals about the company’s model and the digitalisation of the payments sector in Morocco.

Created more than 20 years ago, Cash Plus was built around a clear ambition: to promote financial inclusion in a country where nearly 35% of the population doesn’t have a bank account.

Today, with nearly 5,000 branches across the country and more than 4 million payment accounts, Cash Plus embodies a fintech designed for a country in transition, where different levels of digitalisation and trust in financial services coexist.

In this new episode of Accuracy Talks Straight – Finance Africa, Aomar Elalamy (Accuracy) and Mohamed Lahkim (Next Wave) welcome Nabil Amar, CEO of Cash Plus, to analyse what lies behind this extraordinarily successful IPO:

• How to become IPO-ready and understandable to the markets: reconciling sustained projected growth with gradual revenue diversification.
• How a family business successfully transitioned to the second generation and opened up its capital to an investment fund in order to bring managerial discipline and institutionalise its governance.
• How Cash Plus’ success is based on a hybrid model that responds to real uses, combining a local network with digital solutions.

🎧 Listen to the full episode here.