Digital financial services have received considerable attention from academics and practitioners. They continue to grow and replace traditional banking services delivery to customers through innovative technologies. In this context, our paper aims to empirically investigate the impacts of digital finance on the financial performance of listed companies on the financial market of Morocco and Egypt. This study is based on empirical data collected from a survey of 118 companies. Partial Least Squares Structural Equation Modeling is used to test our proposed relationships based on primary data collected from managers active in these companies. The findings show that digital financial convenience has a significant negative effect on the financial performance. Moreover, the results also show that the transaction costs have a significant positive effect on the financial performance. However, hypothesis regarding the effect of digital financial services’ usability on financial performance was not supported. In addition, digital financial services’ security and digital financial services’ accessibility have no significant effect on financial performance of listed companies. This is the first study to empirically test a greatly developed theoretical model in the Moroccan and Egyptian contexts. Our paper provides some new managerial implications for decision makers in organizations, while exploring the main components of digital finance and their impacts on financial performance. In addition, the results of this study will help managers of listed companies in Morocco, Egypt and other emerging economies to adopt digital finance as a secure mechanism for enhance financial performance and mitigate risk.