Marrakech, Morocco, October 10, 2023 -- IFC, the Mediterrania Capital, and FMO, the Dutch Entrepreneurial Development Bank, today announced an investment in CASHPLUS, Morocco's leading fintech and financial services network, to help the company expand its delivery of global remittances, digital transfers, bill settlements, and other modern payment solutions in both Morocco and Europe.
The €57 million equity investment will allow CASHPLUS to expand its fintech-driven branch network within Morocco and globally and enhance its product offering, with special emphasis on developing its M-Wallet application, already used by more than one million people.
Of the €57 million, IFC is providing €10 million, the Mediterrania Capital IV fund, which is managed by Mediterrania Capital Partners, is investing €30 million, and FMO is investing €17 million.
Under the partnership, IFC will also provide advisory services to support CASHPLUS's strategy to promote more women to senior management positions.
"For two decades, CASHPLUS has been a beacon of trust, technological innovation, and financial inclusion in Morocco. With over 3600 POS and our relentless innovation, we're proud of our roots. We extend our heartfelt gratitude to our partners: IFC, Mediterrania IV fund, and FMO. Hand in hand, we stride towards shaping a more inclusive and prosperous future," said Nabil Amar, Chairman of the Board of Directors of CASHPLUS Group.
"We are thrilled to be part of this project alongside our long-time partners, IFC and FMO. CASHPLUS is a company that we know well and that fully embodies Mediterrania's mission of improving people's lives through responsible investments," said Albert Alsina, Founder and CEO at Mediterrania Capital Partners. "With a strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASHPLUS is an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASHPLUS to expand its reach and enhance its services, ultimately benefiting the people of Morocco and fostering economic empowerment."
"Access to finance in emerging markets like Morocco is vital to create economic opportunities," said Makhtar Diop, IFC Managing Director. "IFC's investment in CASHPLUS will help the company to provide its more than one million customers with enhanced financial solutions, contributing to greater financial inclusion in Morocco."
CASHPLUS combines technology with finance, offering digital payments alongside its 3,600 physical service locations in Morocco. The company also wants to scale up its remittance business payments back to Morocco. In 2022, remittances constituted over 8 percent of the country's GDP, underlining their economic significance.
IFC's investments include equity and debt, risk mitigation instruments, coupled with advisory services to support increased access to finance in the country. IFC's financial institution partners in Morocco include banks, insurance, and microfinance institutions. The total value of IFC's commitments in the financial sector reached $188 million between FY20 to FY23.
IFC committed US$1.33 billion in Morocco and an active advisory portfolio of $16.7 million between FY19 and FY22. IFC supports Morocco's private sector in key areas such as access to finance, renewable energy, regional integration, gender inclusion, and job creation.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
About Cash Plus
CASHPLUS Group, a paramount fintech entity and financial network in Morocco, is on a mission to reshape the country' s financial panorama. Boasting 5 brands, 3600 POS (with 20% in rural settings), and over 1M digital wallet aficionados, CASHPLUS is at the helm of Morocco' s fintech revolution, looking ahead with aspirations of fostering a holistic and flourishing financial environment.
About Mediterrania Capital Partners
Mediterrania Capital Partners is a Private Equity firm focusing on growth investments in SMEs and mid-cap companies in Africa. With offices in Abidjan, Barcelona, Cairo, Casablanca, Malta and Mauritius, the firm invests in consolidated and growing companies with an annual turnover of €20 million to €300 million and expansion strategies into North and Sub-Saharan African markets. www.mcapitalp.com
