AfricInvest's Financial Inclusion Vehicle, known as FIVE, has made an undisclosed investment in Equity Invest, the personal holding company of Ali Bettahi, to support Moroccan electronic payments firm Vantage Payment Systems, or VPS. The transaction allowed Equity Invest to increase its ownership of VPS to 100%, consolidating the company's shareholder base and clearing the way for its next growth phase. The investment provides VPS with additional resources to accelerate development, expand technology, and strengthen its commercial presence across Morocco.
Consolidating Ownership for a New Growth Phase
With a unified ownership structure now in place, VPS can pursue its expansion plans with greater strategic clarity and operational focus. The company has historically concentrated on e-commerce acquiring and is now investing in point-of-sale acquiring, SoftPOS, and other digital payment solutions. Its goal is to provide merchants with an integrated omnichannel platform that covers online, in-store, and mobile payment needs in a simple and efficient manner.
Morocco's Shift Toward Digital Payments
Morocco's payment landscape is evolving rapidly, but cash still accounts for the vast majority of transactions in the country. In 2025, offline payments through point-of-sale terminals represented nearly 90% of electronic payments, compared with approximately 10% for online payments. This imbalance creates a significant opportunity for VPS to grow its point-of-sale acquiring business while continuing to invest in e-commerce and SoftPOS capabilities.
Executive Perspectives on the Transaction
Ali Bettahi, Chairman of VPS, described FIVE's investment as an important milestone for the company. He said VPS has built a leading position in electronic payments in Morocco and is now entering a new chapter focused on proximity acquiring and an omnichannel platform. Bettahi added that the new point-of-sale acquiring offering is central to this ambition and will help the company support more merchants as they digitize payments.
A Response to Financial Inclusion Challenges
Omar Bekkali, Partner at AfricInvest, said Morocco is experiencing sustained economic growth and that converting this momentum into lasting opportunity requires faster digitalization of payments. He noted that cash still accounts for most transactions, making digital payment adoption a priority for the country's full potential. Through the VPS investment, FIVE is supporting a concrete response to this challenge by backing an inclusive offering that serves small businesses and large enterprises.
FIVE's Broader Financial Inclusion Mandate
AfricInvest's FIVE is a permanent-capital investment vehicle dedicated to financial inclusion across Africa. It supports financial institutions and fintech companies that broaden access to affordable and responsible financial services for underserved consumers and small businesses. Its portfolio includes Onafriq, Kredete, Moove, and Morocco's CFG Bank, reflecting a focus on patient capital and active operational partnership.
Advisory Support and VPS Market Position
DLA Piper advised AfricInvest on the debt and equity investment into VPS, with the legal team led by Camilia Benani from the firm's Casablanca office. VPS is one of Morocco's leading licensed payment institutions, processing over 18 million transactions annually and maintaining strategic partnerships with American Express and Mastercard. Benani said the transaction reinforces the stability and maturity of Morocco's payments ecosystem and aligns with the long-term priorities of the Morocco Digital 2030 strategy.
The investment strengthens VPS's ability to broaden electronic payment acceptance among Moroccan merchants and supports the gradual reduction of cash reliance across the economy. With FIVE's patient capital and active partnership, VPS is positioned to advance economic digitalization and financial inclusion while meeting the needs of merchants of all sizes. The transaction underscores AfricInvest's ongoing commitment to backing fintech companies that expand access to responsible financial services throughout Africa.