- Arab Financial Services (AFS) has secured a $50 million capital injection to bolster its financial position and support ambitious growth initiatives.
- The investment was approved by AFS shareholders at an Extraordinary General Meeting, reflecting confidence in the company’s vision and potential.
- AFS aims to expand its operations, enhance product offerings, and innovate within the digital payments landscape, particularly through solutions like “Wallets as Service.”
- Regulated by the Central Bank of Bahrain and the Central Bank of Egypt, AFS offers a wide range of digital payment solutions, including merchant acquiring, fintech services, and advanced digital wallets.
Arab Financial Services (AFS), a leading provider of digital payment solutions in the Middle East and Africa, has successfully raised $50 million in capital. This significant investment, which received approval from AFS shareholders during an Extraordinary General Meeting earlier this year, will strengthen the company’s financial base and accelerate its ambitious growth strategies.
The recent funding marks a crucial step for AFS, underscoring the confidence that shareholders have in the company’s future direction and potential for growth.
Sael Al Waary, Chairman of AFS, expressed optimism about the investment’s impact, noting, “This infusion of capital demonstrates our shareholders’ trust in AFS’s vision and our capacity to achieve sustainable growth and deliver value.”
Expanding Operational Footprint
With this fresh capital, AFS is poised to broaden its operational reach, enhance its suite of products, and stimulate innovation within the digital payments sector. The company is focusing on strategic initiatives aimed at expanding its market presence both locally and internationally.
Particular attention will be given to scaling operations in key markets like Bahrain, Oman, and Egypt, where AFS has already made significant headway. Additionally, leveraging its Payment Services Provider license in Egypt will allow AFS to enhance its offerings in the acquiring market.
Progress is also underway in the UAE, where AFS is preparing to launch merchant acquiring services, strengthening its competitive edge in this vital market.
Pioneering Innovations in Digital Payments
In 2023, AFS achieved several milestones as part of its strategic initiatives. The company successfully migrated banks to its platform, attracted new clients, and launched innovative solutions such as “Wallets as a Service.” These offerings cater to diverse merchant needs, further enhancing customer experiences.
AFS’s commitment to technological advancement is evident in its development of advanced digital platforms like AFS Pay and AFS One. These services streamline payment processes and offer a variety of options for merchants.
Additionally, the introduction of the AFS Open Banking hub emphasizes the company’s dedication to promoting financial inclusion and fostering innovation in the region.
Targeting Growth in African Markets
AFS is not limiting its ambitions to the Middle East; the company is actively seeking opportunities in African markets. This expansion into new territories is driven by the increasing demand for digital payment solutions, positioning AFS as a vital player in enhancing financial services across the continent.
Samer Soliman, AFS’s Chief Executive Officer, highlighted the significance of this investment, stating, “This strategic funding will empower AFS to innovate, expand, and enhance our market presence. We are committed to utilizing technology and AI to provide outstanding value to our shareholders and clients through improved products and services.”
Compliance and Regulatory Assurance
Operating under the oversight of the Central Bank of Bahrain and the Central Bank of Egypt, AFS adheres to stringent regulatory standards. This compliance ensures that the company provides a comprehensive range of digital payment solutions, including debit, credit, and Islamic card processing, along with merchant acquiring and fintech services.
AFS’s commitment to regulatory adherence not only boosts its credibility in the marketplace but also reassures clients of the company’s dedication to secure and reliable payment solutions. The firm has established offices and data centers in Bahrain, Egypt, Oman, and the UAE to effectively address the diverse needs of its clients across the region.
A Legacy of Leadership in Digital Payments
Founded in 1984, AFS has built a robust reputation for providing tailored payment solutions to banks and merchant groups. Over the years, the company has evolved, adapting to the dynamic and disruptive landscape of digital payments.
Today, AFS stands as the foremost digital payment solutions provider and fintech enabler in the region, catering to over 60 clients in more than 20 countries.
The organization, owned by 37 banks and financial institutions, exemplifies strong partnerships and a collaborative approach to business. Its extensive portfolio features popular digital wallets, merchant acquisition services, digital payroll solutions, and much more, all designed to offer high-quality payment solutions that businesses can rely on.
Looking Ahead
The recent $50 million capital infusion for Arab Financial Services marks a significant turning point in its growth journey. This investment enables AFS to enhance its operational capabilities, expand its market presence, and drive innovation in its product offerings.
As AFS embarks on this exciting new phase, the company remains dedicated to delivering exceptional value to its stakeholders and contributing positively to the evolving digital economy in the Middle East and Africa.
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Last Updated on October 24, 2024 by Safiya K
