AfricInvest is making a significant entry into the Moroccan fintech market by seeking joint control of Vantage Payment Systems (VPS) through its Financial Inclusion Vehicle (FIVE). The investment firm recently filed for the necessary regulatory approval with the Moroccan Competition Council to formalize this strategic acquisition. This move involves sharing governance with Equity Invest SA, the historical shareholder of the Casablanca-based payment processor, signaling a new chapter for the company.
Strategic Acquisition Details
The proposed transaction represents a major shift in the ownership structure of VPS, following a previous stake sale to the pan-African fintech Cross Switch in 2023. If the deal receives approval, it will establish a robust partnership between AfricInvest and Equity Invest SA to drive the company's future growth trajectory. This realignment highlights the evolving nature of capital investment within the region's maturing financial technology sector as it seeks stability.
AfricInvest’s FIVE fund operates as a specialized evergreen vehicle designed to support Tier II and Tier III financial institutions across the African continent. Unlike traditional private equity models with fixed exit timelines, this unique structure allows for patient, long-term capital deployment suitable for regulatory-heavy industries. This approach aligns perfectly with the operational stability required to scale national payment systems effectively in a complex market.
Vantage Payment Systems Growth
Founded in 2014 by Ali Bettahi, VPS has successfully evolved from a local startup into one of Morocco’s primary licensed payment institutions operating under the Payzone and Payexpress brands. The company provides essential omnichannel solutions, ranging from secure e-commerce gateways to comprehensive prepaid card management services for diverse clients. Its evolution reflects the broader trajectory of Morocco's digital economy as it moves toward greater formalization and professionalization.
The company recently reported a period of substantial operational growth, successfully processing over 18 million transactions throughout the course of 2025 alone. With a robust network supporting more than 600 active merchants, VPS has solidified its position as a key infrastructure player in the local market. Additionally, new strategic integrations with American Express and Mastercard have significantly expanded its capabilities in tokenization and digital wallets.
Regulatory and Market Context
The Moroccan Competition Council has initiated a standard review process to ensure the joint acquisition does not negatively impact local market competition or create dominance. Interested third parties have been given a specific ten-day window, ending in mid-February 2026, to submit their observations regarding the proposed concentration. This procedure is a mandatory step under Law No. 104-12 to maintain a fair and transparent economic environment.
This investment arrives as Morocco accelerates its Digital 2030 strategy, which aims to foster over 1,000 certified startups by the end of the current decade. The entry of institutional capital suggests that the local fintech ecosystem is transitioning from an early disruption phase to a more stable infrastructure phase. Such developments are crucial for bridging the gap between niche local expertise and the requirements of pan-African scale.
The collaboration between AfricInvest and Equity Invest SA marks a pivotal moment for the Moroccan financial technology landscape as it embraces institutional backing. As investors increasingly target established players like VPS, the sector is poised for sustainable expansion and deeper integration into the continental economy. This deal serves as a strong indicator of the market's readiness for second-stage growth, prioritizing regulatory compliance and long-term stability.