Moroccan fintech CashPlus has secured approval to list on the Casablanca Stock Exchange in a planned 750m dirham 82m initial public offering, in a move that one analyst says demonstrates the North African country's capital markets are "broadening and deepening."
CashPlus - which has approximately two million daily users in Morocco and net profits last year of 23.5m - will float 3.8 million shares priced at 200 dirhams 22 each in a sale that represents a 15.5 stake of the company.
The offers a range of services including money transfers, bill and tax payments, currency exchange, and parcel delivery through a network of physical branches and a mobile app.