Mediterrania Capital leads $60m investment in Morocco's Cash Plus
Mediterrania Capital Partners, in partnership with FMO and IFC, has made a $60 million investment in Cash Plus, a major Moroccan financial services provider. Cash Plus boasts a network of 3,600 physical locations across Morocco, making it one of the country's largest financial services providers.
The substantial investment will aid Cash Plus in its expansion endeavors, both nationally and internationally. It is also expected to enhance the company's digital financial services offerings, particularly its M-Wallet application, which currently serves over 1 million customers. This investment reflects the growing interest in Morocco's financial services sector and the potential for further development in digital financial services in the region.
Mediterrania Capital Partners' investment in Cash Plus represents the second investment from MC IV, following its investment in Laprophan, one of Morocco's largest pharmaceutical companies, in May 2023.
Key Takeaways
Morocco's investments in financial inclusion have yielded substantial growth in account ownership, with double-digit expansion since 2017, a feat achieved by only four countries globally. According to the World Bank Global Findex (2021), 44% of Moroccan adults now have formal financial access, up from 29% in 2017, owing to ongoing reforms and initiatives fostering financial inclusion. The National Financial Inclusion Strategy (NFIS), launched in 2018 by Morocco's central bank (Bank Al-Maghrib) and Ministry of Economy and Finance, sets ambitious targets to further improve financial inclusion. The NFIS aims for a 50% inclusion rate by 2023 and 75% by 2030, reflecting Morocco's commitment to an inclusive financial system. However, challenges persist, with 15 million unbanked adults, especially women and rural communities. Gender disparities remain evident, with only 33% of women holding accounts compared to 56% of men, highlighting the need for further efforts to promote digital financial services.
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